September 14, 2020

At Warren's Request, Independent Watchdog Agrees to Review Trump Administration's Decision to Award Kodak a $765 Million Contract as Part of COVID-19 Response

"I'm glad to see that the Inspector General has agreed to my request to look into this massive fiasco of a deal"

Washington, DC - In response to Senator Warren's request from August 20th, the Inspector General (IG) for the International Development Finance Corp (DFC) has agreed to open a review of the Trump Administration's decision to award Kodak a $765 million taxpayer-funded loan to produce generic pharmaceuticals, including the unproven and ineffective drug Hydroxychloroquine. The loan was awarded to Kodak, through an opaque process and after an extensive and unprecedented lobbying effort, despite the fact that the company had no pharmaceutical manufacturing experience.

The DFC IG said their review will include all of the key concerns raised by Senator Warren, including why and how Kodak was selected for the loan, whether Trump Administration officials involved in the award had any conflicts of interest, and the impact of Kodak's lobbying effort.

"I'm glad to see that the Inspector General has agreed to my request to investigate this massive fiasco of a deal," said Senator Warren. "The Trump Administration's COVID-19 response has been full of corruption and mismanagement from the start - and I'm fighting to get answers and accountability using every tool available." 

Senator Warren has also called on the SEC to investigate potential insider trading that occurred before the announcement of the Trump Administration's $765 million COVID-19 pharmaceutical deal with Kodak. Reports following her request indicate that the SEC is investigating this matter.