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McHenry Statement on Senate Coronavirus Emergency Relief Agreement

Washington, Mar 25 -

Republican leader of the House Financial Services Committee, Patrick McHenry (NC-10), released the following statement on the Senate Coronavirus Aid, Relief, and Economic Security (CARES) Act, an important step toward delivering direct support to families and workers that have been hit hardest by the coronavirus (COVID-19) pandemic.

“This is not like any economic or health issue we’ve faced in this country. Vast parts of the economy are shut down in an effort to save American lives, and, as a result, we need this relief package immediately. American businesses, workers and families will get direct assistance and financing to get through this national emergency. The Small Business Administration program is designed to help make payroll and keep people employed.

“More broadly, this bill provides massive resources to Treasury’s Exchange Stabilization Fund. Those dollars, in coordination with the Federal Reserve, are designated to back stop our economy, support workers, provide liquidity and support businesses that employ millions of Americans. The program creates a multi-trillion-dollar capacity that will enable broad action wherever it’s needed in the coming months.

“Now, the House must be prepared to act. Rather than pushing partisan policies that have no chance of becoming law, let’s pass the CARES Act and help Americans get through these challenging times.”