As lawmaker after lawmaker offers debt relief proposals for Americans, Rep. Maxine Waters has unveiled her own.
House Financial Services Committee Chairwoman Waters wants the Federal Reserve to give households $2,000 per adult and $1,000 per child for each month of the coronavirus pandemic, The Washington Examiner reported.
The California Democrat’s proposal also seeks to suspend all consumer and small-business credit payments including mortgages and credit card payments, during the pandemic. She lists other initiatives to support consumers, homeowners, renters, and local governments.
“I am proposing a bold fiscal stimulus package and public policy response that will benefit hardworking and vulnerable Americans who may face financial hardship or even eviction or foreclosure as a result of the coronavirus crisis,” Waters said.
In all, her proposal includes 28 initiatives. There’s a $5-billion emergency homeless assistance proposal, $10 billion in community development block grants for vulnerable communities, as well as grants and tax rebates for small businesses.
“We’ve got to put money into the hands of the people who would otherwise not be able to buy food for their families and their children because they’re getting laid off…or they may get fired or the plant may close down,” Waters said on SiriusXM’s “The Joe Madison Show.”
Waters’ six-page plan would go much farther than other proposals, Roll Call reported. That includes the Trump administration’s proposal that would potentially exceed $1 trillion in direct payments to households and loans to businesses. Waters didn’t put a total price on the proposal, “but its reach may be a hint of the legislative battle ahead as lawmakers from both parties try to find relief for favored constituencies. Unlike other proposals being floated, Waters’ memo is silent on any help for specific industries.”
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Other Democrats have made debt relief proposals for Americans, such as Ilhan Omar who proposed a bailout of $1,000 for adults and $500 for children. Also, Democratic Sens. Cory Booker of New Jersey, Michael Bennet of Colorado and Sherrod Brown of Ohio have proposed $2,000 per person, with additional payments on a quarterly basis.
