Waters Blasts the Trump Administration’s Move to Shut Down Key CARES Act Facilities Put in Place to Support Economy During the Pandemic
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services Committee, blasted the Trump Administration for the announcement that it is attempting to shut down key emergency lending programs created by the CARES Act to support the economy during the COVID-19 pandemic:
“It is clear that Trump and Mnuchin are willing to spitefully destroy the economy and make it as difficult as possible for the incoming Biden Administration to turn this crisis around and lead the nation to a recovery. Congress approved $500 billion in funding to support a series of emergency lending facilities run by the Federal Reserve and Treasury to stabilize the economy during the pandemic, which continues to surge across the nation. As COVID-19 cases spike, these facilities need to be extended. There is no justifiable reason to shut these facilities down.
On December 2, the full Committee will convene for a hybrid hearing entitled, “Oversight of the Treasury Department’s and Federal Reserve’s Pandemic Response,” with testimony from Federal Reserve Chair Jerome Powell and Treasury Secretary Stephen Mnuchin.