House Speaker Nancy Pelosi (D., Calif.) announced Thursday that she is tasking Majority Whip James Clyburn (D., S.C.) to lead a House oversight committee to ensure the government's coronavirus funds "are spent wisely and effectively."

"The panel will root out waste, fraud and abuse; it will protect against price-gouging, profiteering and political favoritism," Pelosi told reporters on a press call. "The fact is, we do need transparency and accountability."

She later added that the bipartisan committee would have subpoena power to carry out its tasks, and specifically cited the Truman Committee — formed by Congress during World War II to address profiteering and other abuses — as a guide.

"Where there's money there's also frequently mischief, and we want to just make sure that the funds that are expended, that are put out there, are done so with the conditions that we had in the legislation," she said.

Clyburn drew the ire of Senate Republicans after he told caucus members on a call about provisions in the phase-three coronavirus package that the Senate's bill was "a tremendous opportunity to restructure things to fit our vision."