Waters Announces Committee Plan for Comprehensive Fiscal Stimulus and Public Policy Response to Coronavirus Pandemic

WASHINGTON, D.C. - Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, released plans for a legislative package to provide a comprehensive fiscal stimulus and public policy in response to the coronavirus pandemic.

“As the COVID-19 pandemic continues to spread, we have seen the devastating effects on workers, consumers, investors, markets, and the economy,” said Chairwoman Waters. “Low income communities were already struggling before this crisis began and will likely be hit particularly hard by the coming recession. This is an urgent public health crisis that has quickly harmed our entire economy, and it demands swift and bold action. The Financial Services Committee will play a central role in that response. 

“Media reports have indicated that the Trump Administration plans to request upwards of $850 billion in aid for certain impacted industries. If true, it is apparent that this Administration is missing the point – families must come first. That is why I am proposing a bold fiscal stimulus package and public policy response that will benefit hardworking and vulnerable Americans who may face financial hardship or even eviction or foreclosure as a result of the coronavirus crisis. 

“The circumstances we are facing are unprecedented and will require creative approaches. The response should not include financial deregulation; regulators must not roll back the safeguards that have been put in place to protect the financial system and economy. In fact, this crisis has demonstrated that the safeguards Democrats enacted as part of the Dodd-Frank Act are working. By requiring higher capital and liquidity buffers, banks are well-positioned to continue lending and play an important countercyclical role. However, America’s consumers, small businesses, and vulnerable populations are suffering. It is time for a policy and fiscal response to address their needs.”

To read the plan, click here.

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