Press Releases

McHenry: These Measures are Temporary, Targeted, and Tied to COVID

Washington, December 21, 2020 -

Today, the top Republican on the House Financial Services Committee, Patrick McHenry (NC-10), released the following statement on the passage of the Senate Amendment to H.R. 133, the Consolidated Appropriations Act, to provide additional targeted COVID-19 relief and government funding:

“Democrats wanted a massive spending bill and used COVID as an excuse to justify their delusional proposals. I’ve pushed for targeted relief, like another round of PPP loans for small businesses, support for the hardest hit communities, and assistance for families in need. But Democrats consistently rejected these efforts to help the American people and instead fixated on the opportunity to advance their socialist wish list, which had more to do with politics than pandemic relief. Now after months of delay, Democrats have achieved none of their partisan goals and we are passing the type of bill Republicans have called for since the start of this debate. 

“Most importantly, these pandemic response measures are temporary, targeted, and tied to COVID. By rescinding the unused ESF money—which Democrats planned to use to advance their own partisan agenda under the Biden Administration—these funds will now support families, businesses, and their workers in need. Additionally, this ESF money pays for half of this bill, meaning unused CARES funds will help to offset the cost of these efforts for the taxpayer. I also fought for, and won, regulatory relief for banks and credit unions to allow them to continue to serve and support their customers. Despite Democrats’ claim that they are the “pro-consumer” party, they rejected my efforts to extend the temporary reduction of the Community Bank Leverage Ratio, which will tie the hands of community banks and limit their ability to lend to our small businesses and consumers.

“The provisions blocked are just as important as the provisions included in H.R. 133. Democrats once again tried to tie partisan priorities to must-pass government funding, including a postal banking pilot program, attempts to prohibit the SEC from carrying out rulemakings, and providing Special Drawing Rights allocation at the International Monetary Fund that would support China and Russia. Republicans blocked these provisions and won inclusion of legislation to support small businesses, savers, and bolster critical cybersecurity efforts. 

“This should be a wake-up call for Democrats. The American people are not interested in their political games—which only stalled what could have been accomplished months ago—and Republicans will not stop fighting for the needs of workers and their families.”

Key Financial Services Provisions in the Senate Amendment to H.R. 133 – Consolidated Appropriations Act

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