As the nation endures the impact of the COVID-19 pandemic, Committee Democrats led by Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, have released the Financial Protections and Assistance for America’s Consumers, States, Businesses, and Vulnerable Populations Act (H.R. 6321), legislation to provide a comprehensive stimulus and public policy response to the coronavirus pandemic.

This legislation executes the comprehensive plan released by Chairwoman Waters and Committee Democrats last week.

H.R. 6321 includes provisions to promote financial stability and transparent markets, including a bill from Representative Dean Phillips (D-MN) to establish a COVID-19 Aid Congressional Oversight Panel and authorize a special Inspector General to coordinate audits and investigations in connection with COVID-19 federal aid provided to corporations. The COVID-19 Aid Congressional Oversight Panel, in conjunction with the special Inspector General, would also be required to collect and report on diversity data from corporate recipients of federal aid related to COVID-19.

Representative Phillip’s bill and numerous other provisions from H.R. 6321 are part of the Take Responsibility for Workers and Families Act, House Democrats’ phase three coronavirus response bill that injects more than $2.5 trillion into the American economy. Chairwoman Waters is a cosponsor of the Take Responsibility for Workers and Families Act.

See below for what Congressman Phillips had to say about his critical legislation and click here for additional details on the entire legislative package released by Chairwoman Waters and Committee Democrats in response to the coronavirus pandemic.

“We are about to inject a massive and unprecedented amount of taxpayers’ money into our economy to protect jobs and keep businesses afloat,” Phillips said. “This requires proper oversight to prevent corruption and ensure the money is being used efficiently and effectively. This Congressional panel and the increased powers for the Inspector General will amplify and strengthen the government’s financial stewardship of this recovery and provide the transparency necessary to inspire Americans’ faith in our government.”

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