Sen. Bob Menendez (D-N.J.) said that two or three Republican senators are “just about committed” to supporting a $500 billion stimulus bill that would send money to states and counties hammered by the economic impact of the coronavirus pandemic, Bloomberg News reported. Menendez, who is cosponsoring the bill with Sen. Bill Cassidy (R-La.), said that the additional GOP senators would be ready to commit to the proposal by the end of this week. And there’s “a lot of momentum” in the House of Representatives, Menendez said. New York Governor Andrew Cuomo (D-N.Y.), speaking at his own briefing, said he was optimistic that the House would vote this week.
When the federal government agreed to funnel $2.2 trillion in emergency aid to Americans devastated by the economic shutdown, the nation’s banks were given a central role. There were three main prongs of relief for taxpayers and American businesses, all routed through the banks in various ways: stimulus checks, a $660 billion package for small businesses and unemployment benefits, the New York Times reported. The small-business aid, the Paycheck Protection Program, had a chaotic introduction and ran dry within days. Some banks withheld stimulus cash from people with overdrawn accounts. And some banks’ debit cards, used to distribute unemployment benefits, didn’t work properly. Several lawmakers have begun exploring ways to sidestep banks to deliver aid. Among the proposals, mainly from Democrats: using Internal Revenue Service records and payroll processing companies, as well as the Federal Reserve, to help distribute money more swiftly. Democrats are also pushing for additional stimulus funds, but it’s not clear that more aid will win approval, especially with top Republicans urging restraint. Top Democrats in the House, who are working on their own coronavirus legislation, want to expand the existing programs, including a provision for lending exclusively through nonprofits or mission-focused lenders known as community development financial institutions, which lend to poor communities not served by banks.
To establish a Homeowner Assistance Fund to provide funds to State housing finance agencies for the purpose of preventing homeowner mortgage defaults, foreclosures, and displacements of individuals and families experiencing financial hardship, and for other purposes.
To establish the Consumer and Investor Fraud Working Group to help protect consumers and investors from fraud during the COVID-19 pandemic, to assist consumers and investors affected by such fraud, and for other purposes.
