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Waters on COVID-19 Relief Bill: Much More Relief Needed, But Bill is an Important First Step

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, made the following floor statement regarding the COVID-19 relief bill.

Mister Speaker, the relief in this bill is desperately needed as families struggle during the pandemic crisis.

The negotiations were difficult, they were tough and I wish we could have done even more but I’m pleased we have done as well as we could have done to provide relief for so many in desperate need for their Government to come to their aid.

As Chairwoman of the Financial Services Committee, I am proud to have secured $25 billion in emergency rental assistance – we need much more. We also got an extension of the eviction moratorium, and $12 billion in low-cost, long-term capital and grants to the Minority Depository Institutions, and the credit unions, and the Community Depository Financial Institutions. I would like to thank Ranking Member McHenry, Chairman Crapo, and Ranking Member Brown for working with me on these provisions.

I am so pleased that the legislation includes stimulus payments for families and individuals - not enough, but I’m pleased, new funding for unemployment insurance – not enough, but I’m pleased. I am also pleased we have support for Los Angeles International Airport in my district, and small business forgivable PPP loans. This bill will also expand the amount of PPP loans for which restaurants are eligible by a considerable amount.

Let me be clear: much more is needed, but this bill is a most important first step and I’m very pleased that we’re able to come to the aid of all of our constituents. And I’d like to thank Nancy Pelosi for the tremendous job that she did in negotiating to get us to this point.

See here for a section-by-section of the financial services provisions in the COVID-19 relief package.

See here for a one pager on the emergency rental assistance and eviction moratorium provisions in the bill.

See here for a one pager on the provisions providing emergency support for CDFIs and MDIs in the bill.

The relief package contains elements of the following bills:

  • H.R. 6321, Financial Protections and Assistance for America's Consumers, States, Businesses, and Vulnerable Populations Act, introduced by Chairwoman Waters.

  • H.R. 6551, the CARES Act Section 4014 Technical Corrections Act, introduced by Representative Brad Sherman (D-CA).

  • H.R. 6789, the Access to Credit for Small Businesses Impacted by the COVID-19 Crisis Act of 2020, introduced by Representative Brad Sherman (D-CA).

  • H.R. 6820, the Emergency Rental Assistance and Rental Market Stabilization Act of 2020, introduced by Representative Denny Heck (D-WA).

  • H.R. 6868, to amend the CARES Act to establish a Community Capital Investment Program, and for other purposes, introduced by Representative Al Green (D-TX).

  • H.R. 7121, to authorize appropriations for the Community Development Financial Institutions Fund providing financial assistance and technical assistance for the benefit of certain minority communities, and for other purposes, introduced by Representative Alma Adams (D-NC).

  • H.R. 7301, the Emergency Housing Protections and Relief Act of 2020, introduced by Chairwoman Waters.

  • H.R.7402, the Protecting Renters from Eviction and Fees Act of 2020, introduced by Representative Jesus “Chuy” Garcia (D-IL).

  • H.R. 7993, the Promoting and Advancing Communities of Color through Inclusive Lending Act, introduced by Chairwoman Waters.

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