House Financial Services Committee Chairwoman Maxine Waters proposed having the Federal Reserve give households $2,000 for adults and $1,000 for children for each month of the coronavirus pandemic.
Waters’s proposal released on Wednesday also calls for suspending all consumer and small-business credit payments, such as mortgages and credit card payments, during the pandemic, along with a number of 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,” the California Democrat said.
Waters’s proposal includes 28 initiatives, such as $5 billion in emergency homeless assistance, $10 billion in community development block grants for communities to help vulnerable populations, and 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,” said Waters on SiriusXM’s The Joe Madison Show on Wednesday.
