Financial Services Committee Democrats Release Coronavirus Stimulus Package

This story appeared in Bank Digest.

House Financial Services Committee Chairwoman Maxine Waters (D-Calif) has led committee Democrats in releasing the Financial Protections and Assistance for America's Consumers, States, Businesses, and Vulnerable Populations Act (H.R. 6321), which is intended to provide a comprehensive stimulus and public policy response to the coronavirus pandemic.

In a statement, Waters said, "Last week, we outlined a comprehensive plan to address the needs of hardworking and vulnerable Americans who may face financial hardship as a result of this devastating pandemic. Today, I am proud to lead my colleagues in releasing a package of more than 40 bills to implement this plan, including my legislation to provide up to $2,000 a month for most adults and $1,000 for each of their children during the pandemic."

But in a statement opposing this package, Committee Ranking Member Patrick McHenry (R-NC) said, "Over the last several days, I have worked with Senate Republicans, the Administration-and our Democrat colleagues-to craft a bipartisan bill that would provide necessary support to those on the frontlines of this fight. Senate Democrats, at the behest of Speaker Pelosi, have now voted twice against this vitally important package. Instead, they are pursuing a 1,400-page grab-bag of progressive policy goals that has little to do with the crisis at hand and absolutely no chance of becoming law."