[Congressional Record Volume 166, Number 217 (Sunday, December 20, 2020)]
[Senate]
[Page S7856]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                              Coronavirus

  Mr. SCHUMER. Mr. President, now, we have spent the past 4 to 5 days 
locked in intense bipartisan negotiations over the final details of an 
emergency relief package. There are a few issues outstanding, but I am 
quite hopeful that we are closing in on an outcome. It appears that, 
barring a major mishap, the Senate and House will be able to vote on 
final legislation as early as tonight--tonight.
  Many of the provisions in this bill are already public. They are all 
items that the country desperately needs and upon which there is no 
disagreement. We all are ready to deliver a desperately needed 
extension of enhanced unemployment benefits; direct survival checks to 
millions of American families; crucial relief to our schools, our small 
businesses, our healthcare system; and funding to support the 
production and distribution of a vaccine.
  As of yesterday, we have been steadily working through all of the 
other outstanding issues, but one issue threatened to derail the bill. 
The Senator from Pennsylvania made an eleventh-hour demand to curtail 
the authority of the Fed to respond to economic crises, potentially 
leaving the Fed with less authority than it had even prior to the 
pandemic.
  The language in his provision was so broad, the intent seemed to be 
to sabotage the incoming administration's ability to stabilize the 
economy and save jobs. That was completely unacceptable to Democrats.
  But late last night the logjam was broken. Senator Toomey accepted my 
compromise to remove the dangerous ``similar to'' language in his bill 
that was overly broad. We sent the Senator far more limited language 
around 8 p.m. last night, and it was accepted a few hours later with a 
few technical changes. As a result, the Federal Reserve will retain its 
tools and authority in the event of a true emergency.
  Now, this compromise should not have taken as long as it did, and, 
frankly, it was irresponsible to threaten the entire package with this 
ideological attempt to limit the Fed and Treasury's powers in an 
emergency.
  But I am very glad that our Republican colleagues relented and 
accepted our offer. The Toomey legislation was the last significant 
stumbling block to a bipartisan agreement moving forward.
  Solving our disagreement over the Fed's authority was a key to 
unlocking the rest of the bill and putting us on a path to final 
legislation. Now that we have solved that disagreement, we can close in 
on a final agreement, finish drafting legislation, and move it through 
both Chambers of Congress--hopefully, as soon as tonight. As we speak, 
the legislative text is being finalized.
  The time has come to move forward and reach a conclusion. The 
legislation that is coming together will put money in the pockets of 
everyday people and extend many of the benefits that we included in the 
CARES Act, a bill I was proud to negotiate with Secretary Mnuchin.
  I will be the first to admit that, while this short-term deal is 
necessary to meet the urgent and growing needs that so many people are 
facing immediately going into the winter, this bill is not sufficient. 
It is necessary. It is not sufficient.
  Democrats would have liked to provide more relief, especially to 
State and local governments and especially to American families on the 
brink of financial collapse. The survival checks in this bill are a 
good start, but there was bipartisan support for $1,200 checks.
  So let me be clear about one thing: This bill will not be the final 
word on congressional COVID relief.
  When this Chamber gavels back in 2021, we must pick up immediately 
where we left off. We must protect people's jobs, whether they work for 
a company or a local government; whether they live in blue States or 
red States; whether they are office employees or teachers, bus drivers 
and firefighters.
  Still, the significance of this package should not be underestimated. 
We will deliver the second largest Federal stimulus in our Nation's 
history. Only the CARES Act will have been bigger. This package will 
give the new President a head start as he prepares to right our ailing 
economy. And it won't include any provision to limit the legal rights 
of workers who are put in harm's way. It won't include any provision to 
gratuitously limit the authority of the Fed.
  On many issues, where Republicans once refused to grant an inch, we 
were also able to make meaningful steps forward. Republicans, in their 
initial proposal, wanted zero direct payments. They wanted zero 
unemployment insurance. They wanted zero rent relief. Only a few months 
ago, the Republican leader admitted that 20 Members of his caucus 
didn't want to approve another dime in spending. Now we are on the 
verge of passing more than $900 billion.
  Once an agreement is finalized, I will have a lot more to say about 
the contents of the bill and the process it took to achieve it. But for 
now, I am happy to report we have surmounted the final largest hurdle, 
and an ending is in sight. Let's get the job done together for the sake 
of the American people.
  I yield the floor.