In March, Committee Democrats led by Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, released the Financial Protections and Assistance for America’s Consumers, States, Businesses, and Vulnerable Populations Act (H.R. 6321), legislationto provide a comprehensive stimulus and public policy response to the coronavirus pandemic.
This legislation executes the comprehensive planreleased by Chairwoman Waters and Committee Democrats in March 2020.
H.R. 6321 includes provisions to support state, territory and local governments, including a bill from Congresswoman Rashida Tlaib (D-MI) to clarify the Federal Reserve’s authority and require it to purchase municipal debt securities to support state, territory and local government financing during the pandemic.
See below for what Congresswoman Tlaib had to say about her legislation.
“Our local government and municipalities are always the first to respond in a time of crisis, as they are the closest to touching the lives of all our residents, and are on the front lines when it comes to providing services. Time and time again, the Federal Reserve has bailed out banks and corporations. It’s time to put residents first and ensure our communities have the resources they need to combat COVID-19 so they may stand on a solid economic foundation once this pandemic is over. I’ve heard from communities in my district, and many are working to make sure our neighbors are protected. The Emergency Relief for State, Territorial and Local Governments Act would allow that work to continue while making sure those governments remain as financially stable as possible.”
Chairwoman Waters and Financial Services Committee Members continue their efforts to ensure their critical legislation is included in the ongoing legislative response to the coronavirus crisis.
Click herefor additional details on the entire legislative package released by Chairwoman Waters and Committee Democrats in response to the coronavirus pandemic and here to access the Committee’s COVID-19 Resource Center.