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American Rescue Plan Act Contains Key Provisions Authored by Committee Democrats
On March 10, the House passed the Senate amendment to the American Rescue Plan Act, sending the legislation to President Biden’s desk. The American Rescue Plan Act contains a number of key provisions authored by Financial Services Committee Democrats.
These include provisions providing $10 billion to support the production of emergency medical equipment using the Defense Production Act, $27.5 billion to support renters, $5 billion to support people experiencing homelessness, $10 billion to support homeowners, and $10 billion to support small businesses. In addition, the legislation also includes a provision that provides $15 billion to further extend the Payroll Support Program through September 30, 2021 to fund payroll support for airline workers and related contract workers.
See below for provisions authored by Committee Democrats:
- The COVID-19 Medical Production Act – A provision by Representative Juan Vargas (D-CA).
- The Emergency Assistance for Renters Act – A provision by Chairwoman Maxine Waters (D-CA).
- The Emergency Housing Voucher Act – A measure by Chairwoman Maxine Waters (D-CA).
- The Coronavirus Housing Counseling Support Act of 2021 – A measure by Representative Cindy Axne (D-IA).
- The Protect Rural Renters Act of 2021 – A provision by Representative Cindy Axne (D-IA).
- The Emergency Tribal Housing Assistance Act of 2021 – A provision by Representative Juan Vargas (D-CA).
- The Emergency Homelessness Assistance Act – A measure by Representative Ayanna Pressley (D-MA).
- The COVID Homeowner Assistance Act of 2021 – A measure by Representative David Scott (D-GA).
- The Stabilizing Rural Homeowners During COVID Act of 2021 – A provision by Representative Emanuel Cleaver (D-MO).
- Fair Housing Enforcement Emergency Act of 2021 – A provision by Representative Al Green (D-TX).
- The State Small Business Credit Initiative Renewal Act – A provision by Representative Al Green (D-TX).
Click here for a full summary of provisions authored by Committee Democrats.
Tweets of the Week
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Member Spotlight
Rep. Ed Perlmutter (D-CO) |
This week, Congressman Ed Perlmutter (D-CO), Chairman of the Subcommittee on Consumer Protection and Financial Institutions, chaired his first hearing of the Subcommittee:
Watch the virtual hearing, entitled “Slipping Through the Cracks: Policy Options to Help America’s Consumer During the Pandemic,” here.
Waters Applauds Marcia Fudge’s Confirmation as HUD Secretary
Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, released the following statement on the confirmation of Marcia Fudge as Secretary of the U.S. Department of Housing and Urban Development (HUD).
“I congratulate Marcia Fudge on her confirmation as Secretary of the Department of Housing and Urban Development (HUD).
“Marcia Fudge’s knowledge, experience and determination are exactly what the Biden Administration needs to restore HUD to its mission, reverse the damage done by the Trump Administration, ensure fair housing opportunities, and provide much needed housing assistance for individuals and families to help them weather the immediate and long-term effects of the coronavirus pandemic.
“As Chairwoman of the House Financial Services Committee, I look forward to working closely with Secretary Fudge on addressing the need for all individuals and families to have safe and affordable housing.”
Waters Urges Regulators Not to Weaken Big Bank Leverage and Capital Requirements
Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, sent a letter to Federal Reserve Chair Jerome Powell, Federal Reserve Vice Chair Randal Quarles, Federal Deposit Insurance Corporation Chair Jelena McWilliams, and Acting Comptroller of the Currency Blake Paulson, urging their agencies to stop prioritizing the wishes of Wall Street over the public good.
“As we approach the one-year anniversary of the onset of the COVID-19 pandemic, financial stability risks are more pronounced than they were prior to the pandemic, raising significant concerns about any effort to reduce bank capital requirements,” wrote Chairwoman Waters. “... I urge the Board of Governors of the Federal Reserve System (Fed), Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC) to not extend temporary exemptions or make any other reforms to weaken big bank capital and leverage requirements…With the path of the economy highly uncertain in the months ahead, it is crucial that regulators remain vigilant, requiring the largest banks to maintain loss-absorbing capital to guard against risks.”
See here or below for the full letter text.
Weekend Reads
Chairwoman’s Corner
Waters Floor Statement on the American Rescue Plan Act
Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, gave the following floor statement on the American Rescue Plan:
Thank you so very much, Mr. Speaker and Members. I would like to thank President Biden and all of the Democratic Leadership for this wonderful and historic piece of legislation that we are voting on here today. This indeed responds to the needs of the American people during this pandemic. This is why I came to Congress - to do this kind of work, and I am so proud to be a Democratic Member of Congress at this time. I want you to know that this bill not only supports education, gives stimulus checks to put food on the table, unemployment assistance, and small businesses will be able to reopen and to stay open, and then everybody will have access to the vaccine that will be made available because of this bill. It has been said more than once that this bill will take children out of poverty; they will be able to depend on regular assistance to them and their families every month. I’m so pleased that as the Chair of the Financial Services Committee, I had in my jurisdiction $77 billion to deal with some very critical issues.
The bill includes critical funding for emergency rental assistance, providing $21.5 billion to pay the back rent and future rent payments owed by millions of struggling families. And that is in urban communities, rural communities, Black, White, Asian, all folks will have access to this rental assistance. Combined with the funding for emergency rental assistance I negotiated in the December stimulus package, and the $5 billion for 70,000 new housing vouchers that are included in this package, this bill is truly historic, and will help people across the nation to remain safely housed. Thank you so very much and I yield back the balance of my time.
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