The Democrats lead the way and it worked to protect Americans' housing and food needs where it was received. There is some concern all of it hasn't reached the people that need it most.
It would do everyone a good service in they spend time worrying about the path forward for the USA.
This is the Senate preparing for the appearance of the Federal Reserve Chair on Tuesday. There is a representative from the Federal Reserve at this meeting and she is highly supportive of the approach of the CARES Act and it's payments to American homes and small businesses. Highly Supportive of troubled debt restructuring and community debt relief.
Just one thought about the CARES Act. It was no act, it was sincere relief for the American people. But, it allowed for unemployment claims plus $600 per week. Not every state is carrying that through, unfortunately. Where it is utilized by the states, Americans receiving it are making ends meet and many don't have to accept food stamps either. I think that is helpful more so than single large payments. It allowed for 14 weeks. That is about 3 and a half months. The states need to report in as to the number of weeks actually remaining on those payments so we know where we stand. It may be different from state to state.
The Senate Banking, Housing and Urban Affairs Committee (click here) held a virtual hearing on oversight of financial regulators, amid the coronavirus pandemic. Witnesses included Federal Reserve Board Supervision Vice Chair Randal Quarles, Federal Deposit Insurance Corporation (FDIC) Chair Jelena McWilliams, National Credit Union Administration (NCUA) Chair Rodney Hood and Comptroller of the Currency Joseph Otting. They outlined the regulatory and supervisory activities of their respective agencies. In addition, committee members asked about the overall state of the financial industry, Paycheck Protection Program (PPP) loans and the Federal Reserve’s Mainstreet Lending Program, which provides loans to small and medium-sized businesses.
May 15, 2020
By Erica Werner
House Democrats (click here) on Friday passed a $3 trillion tax cut and spending bill aimed at addressing the devastating economic fallout from the coronavirus outbreak by directing huge sums of money into all corners of the economy.
But the White House and Senate Republicans have decried the measure’s design and said they will cast it aside, leaving uncertain what steps policymakers might take as the economy continues to face severe strains.
The sweeping legislation, dubbed the “Heroes Act, passed 208-199. Fourteen Democrats defected and opposed the bill, reflecting concerns voiced both by moderates and liberals in the House Democratic caucus about the bill’s content and the leadership-driven process that brought it to the floor. The bill won support from just one Republican: Rep. Peter T. King of New York....
