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

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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. RELEASE: https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=407073