(L-R) Senate Majority Leader Mitch McConnell (R-KY) speaks as House Minority Leader Kevin McCarthy (R-CA) and President Donald Trump listen during a signing ceremony for H.R. 748, the CARES Act in the Oval Office of the White House on March 27, 2020 in Washington, DC.
Erin Schaff | Pool Getty Images
Senate Majority Leader Mitch McConnell and House Minority Leader Kevin McCarthy announced on Friday their picks to sit on the five-person board overseeing a $500 billion bailout fund intended to help ailing businesses weather the coronavirus pandemic.
McConnell said he has chosen Sen. Pat Toomey, R-Pa., for the spot, while McCarthy picked Rep. French Hill, R-Ark.
The fund, run by Treasury Secretary Steven Mnuchin will work with the Federal Reserve to deploy $4 trillion into the U.S. economy.