Committee Democrats Roll Out COVID-19 Legislation; Provisions Included in the CARES Act

On Monday, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, led Committee Democrats in releasing 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.

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

The legislation includes provisions that would:

• Protect Consumers, Renters, Homeowners, and People Experiencing Homelessness
  
• Assist Small Businesses and Community Financial Institutions
  
• Support State, Territory and Local Governments
  
• Promote Financial Stability and Transparent Markets
  
• Provide Pandemic Planning and Guidance for Consumers and Regulators
  

Click here for details on the package of more than 40 bills to implement the Committee’s plan and the list of financial services provisions included in H.R. 748, the CARES Act.

Following reports that Wells Fargo & Company requested that the Federal Reserve remove an asset cap imposed in response to widespread consumer abuses and compliance breakdowns, Chairwoman Waters wrote a letter to Jerome H. Powell, Chairman of the Board of Governors of the Federal Reserve System, requesting additional information.

See the full text of the letter here.

Waters Votes on CARES Act: On Friday, Chairwoman Waters delivered a floor statement in support of H.R. 748, the Coronavirus Aid, Relief and Economic Security Act (CARES Act).

“While I am pleased that the legislation includes these provisions that Democrats fought for and while I support the bill’s passage, I must make clear that the legislation is far from comprehensive, and that there are issues it leaves unaddressed and areas where it falls short.

H.R. 748 does not prohibit negative credit reporting during the crisis, forgive student loan debt, suspend all consumer credit payments, among other concerns. However, despite these shortcomings this bill is the most consequential piece of legislation that many of us will ever vote on. The American people need help now and this bill represents a down payment on that relief.

I look forward to working with the Speaker, my Committee colleagues, the Senate and others on the next phase of relief.”

See the full text of the Chairwoman’s statement here.