(Bloomberg) -- Retired Marine General Joseph Dunford has withdrawn from consideration to head the bipartisan Congressional Oversight Commission that’s policing about $500 billion in coronavirus rescue loans, according to five people familiar with the matter.

Dunford, former chairman of the Joint Chiefs of Staff, was being vetted in June for the role, which is a joint appointment by Senate Majority Leader Mitch McConnell and House Speaker Nancy Pelosi. His withdrawal leaves the congressional watchdog without any contenders in the running to be the chair of the five-person panel overseeing industry bailouts.

Dunford served as chairman of the Joint Chiefs of Staff until 2019 and joined the board of defense contractor Lockheed Martin Corp. in January. Dunford decided that heading the commission would be incompatible with his other commitments, according to one person familiar with the situation, who like the others spoke on condition on anonymity.

The panel’s other four members were named in April and they already have issued two reports. They were appointed by Pelosi, McConnell, Senate Minority Leader Chuck Schumer and House GOP leader Kevin McCarthy. They are: Democratic Representative Donna Shalala of Florida; GOP Senator Pat Toomey of Pennsylvania; Bharat Ramamurti, a former aide to Senator Elizabeth Warren of Massachusetts; and GOP Representative French Hill of Arkansas.

In a report issued earlier last month the watchdog panel said pandemic relief efforts by the Treasury and the Federal Reserve bolstered the corporate bond market, but might be falling short in helping small business and state and local governments get access to loans. The panel is required to issue public reports monthly, with the third one expected next week.

The commission was created at the insistence of congressional Democrats during negotiations with President Donald Trump’s administration over the $2.2 trillion coronavirus stimulus legislation known as the Cares Act.

The panel has a term of five years, and it’s modeled after a similar temporary oversight commission that reviewed the Troubled Asset Relief Program in the wake of the 2008 economic crisis.

The oversight commission is one of several bodies created to monitor the flood of spending intended to help struggling airlines, corporations, main street businesses and hospitals amid the pandemic’s shutdown of the economy.

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