The Only Coronavirus Stimulus Plan We Acknowledge Comes From Rep. Maxine Waters

March 19, 2020  |  

Wells Fargo CEO Tim Sloan Testifies Before House Financial Services Committee

Source: Chip Somodevilla / Getty

First she forewarned about Trump’s presidency and impeachment, now she’s back again with a coronavirus memo that is structured to place underserved communities and families first. Now that’s a relief plan we can get behind!

The California congresswoman, who is also chairwoman of the House Financial Services Committee, unleashed a memo on Wednesday that would offer a hand-up to underserved communities and help to grow and stimulate small business across the country.

“Low-income communities were already struggling before this crisis began and will likely be hit particularly hard by the coming recession,” said Rep. Maxine Waters in a statement. “This is an urgent public health crisis that has quickly harmed our entire economy, and it demands swift and bold action.”

The proposed policy would give adults $2,000 with an additional $1,000 per child for each month of the crisis. The plan would also include the suspension of “mortgages, car notes, student loans, credit cards, small business loans, personal loans,” during the pandemic, and end negative credit reporting. Rep. Waters’ memo also offers $5 billion in emergency funds for homeless assistance and focuses on rebuilding the infrastructure of affordable housing,  as well as providing assistance and education to minorities and women business owners.

The plan was widely supported on social media after it was made live for constituents to read.

Trump signed a $100 billion coronavirus aid package into law which includes provisions for emergency paid leave for workers as well as free testing. However, a bill to address a stimulus in the wake of a fast approaching recession remains in negotiations. The Trump administration is floating an $850 billion to $1 trillion stimulus which would include direct checks, tax cuts and relief to industries affected by the crisis.

Waters’ proposal is not far from other ideas around a stimulus for Americans. Sen. Bernie Sanders also calls for a similar measure of offering payments of $2,000 to individuals. A plan from Rep. Joe Kennedy III also included a stimulus for individuals, which include payments of $4,000 for every American adult earning less than $100,000 per year and $2,000 for each child in those households. Adults earning more than $100,000 would be guaranteed $2,000 and each child in such household $1,000.

“Media reports have indicated that the Trump Administration plans to request upwards of $850 billion in aid for certain impacted industries,” Waters continued. “If true, it is apparent that this Administration is missing the point – families must come first. That is why 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 circumstances we are facing are unprecedented and will require creative approaches.”

To read the full details of Rep. Waters’ proposal, you can click here.

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