WASHINGTON–Noting more than one-million small businesses in the U.S. have closed since February due to the coronavirus pandemic, the chairman of the House Financial Services Committee told credit unions the role they have played in providing relief has been critical, and there is more work to be done.
Rep. Maxine Waters (D-CA) told NAFCU’s virtual Congressional Caucus that as chair of the committee she is working to “assure Congress supports the economy and provides strong protections and relief to families across the country struggling during this crisis.” She is further working to ensure communities of color have access to relief.
“Credit unions are really reaching the smallest of small businesses that really need help the mos,” said Waters. “While I’m pleased with the efforts of my colleagues, much work is necessary to address this crisis.”
Support for Bill
To that end, said Waters, she is pressing for additional funds via Treasury to provide support, and she hopes to move forward HR 7933, which provides support to CDFIs, including capital investments, grants, Fed deposits and partnerships to ensure “these mission driven entities can meet the needs of minorities and low income individuals.”
Waters said Sen. Mitch McConnell (R-KY) and other Republicans have blocked the HEROES Act in the Senate. The bill has already passed the House and provides several trillion-dollars in various relief.
Next week, said Waters, she plans to hold a hearing related to oversight of the Treasury Department’s response to the pandemic.