[Congressional Record Volume 166, Number 219 (Thursday, December 24, 2020)]
[Extensions of Remarks]
[Pages E1202-E1205]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




             UNITED STATES-MEXICO ECONOMIC PARTNERSHIP ACT

                                 ______
                                 

                               speech of

                           HON. MAXINE WATERS

                             of california

                    in the house of representatives

                      Thursday, December 21, 2020

  Ms. WATERS. Mr. Speaker, after months of stalemate and several long 
nights of tough negotiations, I am very pleased that we were finally 
able to find a compromise on a $900 billion pandemic relief package. 
America has been confronted with unprecedented challenges this year due 
to the pandemic, but with vaccine distribution in motion, a new 
incoming administration, and a long overdue relief package on the way, 
I believe we can go into the new year with hope for a better future.
  As Chairwoman of the Financial Services Committee, I played a key 
role in negotiations that resulted in the inclusion of $25 billion in 
emergency rental assistance, an extension of the eviction moratorium, a 
$9 billion Emergency Capital Investment Program to provide low-cost, 
long term capital investments to Minority Depository Institutions 
(MDis) and Community Development Financial Institutions (CDFis) that 
are depository institutions, and $3 billion to the CDFI Fund for 
financial and technical assistance grants to CDFis.
  I also strongly advocated for the inclusion of another round of 
stimulus payments, which can total up to $600 per person, $1,200 per 
couple, and $600 per child, to support households struggling during the 
pandemic, and a restart of the Paycheck Protection Program (PPP) to 
ensure our small businesses are able to remain open. In total, small 
businesses will receive $284 billion through the PPP, with an 
additional $20 billion reserved for businesses operating in low-income 
communities and $15 billion for live music venues, movie theaters, and 
museums. These businesses are the lifeblood of our communities, and 
this support is long overdue.
  In addition to the new round of stimulus payments, I have fought to 
extend help to the unemployed. This pandemic relief package provides an 
extra $300 per week in federal dollars to all those who qualify for 
unemployment insurance, including gig workers and individuals who have 
exhausted their state benefits.
  I recognize that more relief is needed and more work must be done to 
provide additional relief, but this bill represents a necessary step in 
the right direction.


                      Emergency Rental Assistance

  This bill will prevent evictions for millions of people who are 
behind on their rent and provide much needed relief for ``mom & pop'' 
landlords by creating a new $25 billion emergency rental assistance 
fund that will be implemented by the Department of the Treasury. The 
bill also provides a temporary extension of an eviction moratorium 
through the end of January 2021. These are critical measures that will 
stave off a massive wave of evictions that we were otherwise expecting 
to sweep across our country after the end of this month when the CDC 
eviction moratorium is currently set to expire, and help landlords 
maintain safe and healthy housing for residents. Not only are evictions 
devastating for households in terms of the immediate and long-term 
consequences that disproportionately harm young children, but evictions 
also have significant negative consequences for the economy writ large. 
That is why helping our neighbors avoid evictions is not just the right 
thing to do, but it is also in our national economic interest. 
Preventing evictions is also critical to furthering the public health 
goals of ensuring that people can remain at home and reduce the spread 
of the virus.
  Securing emergency rental assistance has been my top priority since 
the coronavirus pandemic began early in 2020. Together with 
Representative Heck, I introduced the Emergency Rental Assistance and 
Rental Market Stabilization Act of 2020 (H.R. 6820) that would have 
provided $100 billion to help families and individuals pay their rent 
and utility bills and remain stably housed, while also helping rental 
property owners of all sizes continue to cover their costs, including 
the costs necessary to ensure residents' health and safety. H.R. 6820 
was included in the Heroes Act both times that bill was passed by the 
House. When it became apparent that Senate Majority Leader McConnell 
would not take up the Heroes Act, even though the eviction crisis was 
growing increasingly urgent, I introduced H.R. 7301, the Emergency 
Housing Protections and Relief Act of 2020, which included H.R. 6820. 
This bill passed the House in June. The Financial Services Committee 
also convened several hearings examining the effects of the coronavirus 
pandemic, including its effects on the U.S. rental market.
  The emergency rental assistance fund in H.R. 133 provides non-taxable 
assistance for renter households. To the extent any clarification of 
the non-taxable nature of this is necessary, I expect the Department of 
the Treasury, in consultation with the IRS, to provide guidance to 
ensure that recipients do not incur any additional tax liability. The 
program also covers housing stability services, which should be 
interpreted to include case management, landlord mitigation, legal 
services, rehousing services, services to connect eligible households 
to other public supports, and referrals to other services for 
behavioral, emotional, and mental health.
  It is critical that Treasury's implementation of this emergency 
rental assistance fund is swift and does not create any artificial 
barriers to assistance. In particular, we have seen with other benefits 
provided by the CARES Act, that documentation requirements to prove a 
nexus to the pandemic have erected artificial barriers that have cut 
people off from the benefits Congress intended them to receive. It is 
critical that any renters who are struggling to pay their rent during 
the pandemic are not barred from accessing this assistance due to 
cumbersome documentation requirements or other barriers. Specifically, 
the component of the eligibility requirements regarding a direct or 
indirect nexus to the pandemic should be interpreted to include any 
financial hardship incurred or exacerbated during the pandemic. 
Further, an applicant's simple written attestation should be the only 
documentation required to demonstrate a nexus to the pandemic.
  And while Congress will extend the eviction moratorium by one month, 
I expect that the Biden Administration will extend it until the end of 
the pandemic to prevent millions of families from losing their homes. I 
look forward to a swift and effective implementation of this emergency 
rental assistance fund by the incoming Biden administration, including 
coordination with Congress on any key decisions.


 promoting and Advancing Communities of Color Through Inclusive Lending

  This Congress, my Committee has prioritized the importance of 
diversity and inclusion, seeking ways to ensure the financial system is 
more inclusive and gives a fair chance for all consumers to own a home 
or start a small business. I established a Subcommittee on Diversity 
and Inclusion, and all of our other subcommittees have prioritized 
these critical issues across a range of financial policy areas. A good 
example of this is our work on minority depository institutions (MDI) 
and community development financial institutions (CDFI), which are 
financial institutions that play a critical role as lenders in low- and 
moderate-income (LMI) and communities of color. These institutions are 
on the front lines of meeting the financial needs of communities that 
are disproportionately underserved by traditional financial institution 
and are primary lenders to LMI and communities of color, including 
during the COVID-19 pandemic. CDFIs and MDIs assist minority 
entrepreneurs that are overlooked by traditional financial 
institutions.

  Since the establishment of the Freedman's Savings and Trust Company 
in 1864, MDIs--

[[Page E1203]]

depository institutions where 51 percent or more of the stock is owned 
by one or more socially and economically disadvantaged individuals--
have a long history in the United States of lending to communities of 
color. While regulators have a mandate to preserve and promote MDIs the 
number of MDI banks (143 as of September 30, 2021) and MDI credit 
unions (509 as of June 30, 2021) has declined by approximately one-
third over the decade following the 2008 financial crisis, The 
Committee examined these developments during several hearings this 
Congress. On October 22, 2019, the Subcommittee on Consumer Protection 
and Financial Institutions convened a hearing entitled, ``An 
Examination of the Decline of Minority Depository Institutions and the 
Impact on Underserved Communities,'' allowing the Committee to hear the 
perspectives of different kinds of MDis and their experiences. On 
November 20, 2019, the Subcommittee on Consumer Protection and 
Financial Institutions convened a hearing entitled, ``An Examination of 
Regulators' Efforts to Preserve and Promote Minority Depository 
Institutions,'' allowing the Committee to hold prudential regulators 
accountable on their efforts to support MDIs.
  Additionally, there are 1,163 CDFIs with a similar mission of 
delivering affordable lending options to the economically 
disadvantaged, especially those in LMI and minority communities. These 
banks, credit unions, and loan funds are certified by the CDFI Fund, 
which is operated out of the Treasury and provides grants and other 
financial and technical assistance to support CDFIs.
  When the COVID-19 pandemic further disadvantaged these communities 
and minority-owned businesses, CDFIs and MDis maintained their focus on 
helping businesses in their target areas minimize the economic impacts: 
Early during the pandemic, I was troubled to see many large banks 
ignoring the smallest of businesses to instead provide concierge 
services to their larger clients during the first round of the Paycheck 
Protection Program (PPP), a program that was intended to help truly 
small businesses that lacked resources stay afloat during these 
challenging times. I sent a letter to the Treasury and the Small 
Business Administration (SBA), along with Small Business Committee 
Chairwoman Nydia Velazquez, Speaker Pelosi and Senate Democratic 
Leaders, urging those agencies to immediately expand the PPP for 
greater participation by CDFIs and MDIs. CDFIs and MDIs were able to 
participate in PPP more fully in the second round, when Congress, as a 
result of my advocacy, set aside $60 billion for them and other 
community financial institutions to deploy to America's real small 
businesses, LMI and minority communities. SBA and Treasury subsequently 
eased restrictions on CDFI participation and set aside $10 billion for 
exclusive lending by CDFis and MDIs.
  As this transpired, the Committee held several additional hearings 
earlier this year examining these trends and identifying solutions. 
Specifically, on June 3, 2020, the Subcommittee on Consumer Protection 
and Financial Institutions convened a virtual hearing entitled, 
``Promoting Inclusive Lending During the Pandemic: Community 
Development Financial Institutions and Minority Depository 
Institutions,'' allowing the Committee to examine how CDFis and MDis 
were responding to the pandemic and considering a range of legislative 
proposals. On July 9, 2020, the Subcommittee on Diversity and Inclusion 
convened a virtual hearing entitled, ``Access Denied: Challenges for 
Women- and Minority-Owned Businesses Accessing Capital and Financial 
Services During the Pandemic,'' allowing the Committee to learn more 
about the hardships facing minority-owned businesses and women-owned 
businesses.
  Because of my efforts and those of my colleagues, 432 CDFIs and MDIs 
were able to provide more than $16.4 billion in PPP loans to over 
221,000 small businesses. Unlike other financial institutions, CDFIs 
and MDIs reached the smallest of businesses as evidenced by a much 
smaller median PPP loan size of about $74,000 compared to the overall 
program median loan size of $101,000. In addition to establishing 
relief funds and services for local businesses and individuals 
experiencing loss of income, CDFIs and MDIs have also provided mortgage 
forbearances, loan deferments, and modifications to help address the 
needs of their borrowers.
  Building on these experiences and the House Financial Services 
Committee's extensive work on the importance of CDFIs and MDIs, I along 
with many of my Committee Democratic colleagues introduced H.R. 7993, 
the Promoting and Advancing Communities of Color Through Inclusive 
Lending Act in August 2020 to make long overdue reforms and 
improvements to support CDFis and MDis through capital investments, 
grants, deposits, and partnerships. The bill is cosponsored by Reps. 
Gregory Meeks, Joyce Beatty, Lacy Clay, Emanuel Cleaver, Madeline Dean, 
Bill Foster, Chuy Garcia, Sylvia Garcia, Vicente Gonzalez, Josh 
Gottheimer, Al Green, Al Lawson, Stephen Lynch, Dean Phillips, Ayanna 
Pressley, David Scott, Rashida Tlaib, and Juan Vargas.
  I am pleased several portions of my legislation were included in this 
stimulus bill, including $12 billion for the CDFI Fund at the Treasury 
Department. The bill provides $9 billion to fund and establish the 
Emergency Capital Investment Program (ECIP), which will provide low-
cost, longterm capital to MDIs and depository CDFIs. The program 
includes a $4 billion set aside for midsize institutions (those under 
$2 billion in assets), of which $2 billion will be set aside for 
smaller institutions (those under $500 million in assets). In 
administering the ECIP, I fully expect Treasury to get these funds out 
quickly. Treasury should use the authority it has to set reasonable 
conditions on those receiving capital investments, including a 
prohibition on recipients charging interest rates that exceed the 
Military Lending Act's 36 percent annual percentage rate (APR).
  Additionally, the ECIP has a conflict of interest prohibition to 
ensure that senior government officials--the President of the United 
States, Vice President of the United States, Cabinet Secretaries, and 
Members of Congress--and their immediate family members do not benefit 
from this program. This provision is identical to the government 
official conflict of interest prohibition included in Section 4019 of 
the CARES Act for other pandemic emergency lending programs, and it 
should not be construed to apply a prohibition beyond those senior 
government officials and their family members.
  I am pleased that this bill also provides an unprecedented $3 billion 
for the CDFI Fund to award grants and other financial and technical 
assistance to CDFIs, including CDFI loan funds. These funds will 
provide meaningful support for CDFis in their continued service to 
consumers, small businesses and nonprofits that have been ravaged by 
the pandemic. At least $1.2 billion ( 40 percent) of this appropriation 
is set aside for ``minority lending institutions,'' (MLIs) a new 
category of CDFIs that predominantly serve minority communities and are 
either MDIs or meet other standards for accountability to minority 
populations as determined by the CDFI Fund. To demonstrate service to 
minority communities, MLIs will need to provide a majority of both the 
number and dollar volume of arm's length, on-balance sheet financial 
products to minorities or majority-minority census tracts or 
equivalents.
  Given the historic importance and nature of these programs and 
funding, I encourage the CDFI Fund to use its administrative 
authorities to create an Office of Minority Lending Institutions, led 
by a Deputy Director of Minority Lending Institutions, to oversee the 
CDFI Fund's work in providing grants and other forms of financial and 
technical assistance to these newly designated MLIs. This office should 
also collaborate with Treasury Department officials administering the 
ECIP to ensure eligible MLIs have every opportunity to access those 
capital investments as well. The Deputy Director should also conduct a 
study and report on the impact of CDFI programs in LMI and minority 
communities. The data should be disaggregated by racial and ethnic 
group and reveal results on lending in census tracks identified as 
minority communities. This new office should also hold certified CDFis 
accountable for their outreach and communications in minority 
communities, which should reflect the linguistic and cultural 
sensitivities of those served. Additionally, this office should track 
and report the amount and number of CDFI Fund grants awarded to MLIs.
  This legislation sets a new precedent where Congress should regularly 
set aside 40 percent of the CDFI Fund's annual appropriations for 
awards and other assistance for minority lending institutions.
  I look forward to working closely with the Treasury Department and 
the CDFI Fund as they implement these critical programs. I also look 
forward to working with my colleagues in Congress to ensure these 
landmark programs are just the first step in a series of long overdue 
reforms to promote inclusive lending.


        Federal Reserve and Treasury Emergency Lending Programs

  The Federal Reserve's powers under section 13(3) of the Federal 
Reserve Act to establish emergency lending programs and facilities 
during ``unusual and exigent circumstances'' proved to be a valuable 
tool to address the economic and financial fallout from the COVID-19 
pandemic. While the Federal Reserve established several programs and 
facilities on their own and with funds made available to the Treasury 
Secretary through the Exchange Stabilization Fund (ESF), Congress 
subsequently provided an additional $500 billion to the ESF so that the 
Treasury could provide direct loans and support various Federal Reserve 
13(3) programs and facilities. These programs were designed to 
stabilize financial markets and to provide access to credit for small 
businesses and non-profit organizations, as well as state and local 
governments.
  Shortly after emergency lending programs like the Main Street Lending 
Program and the Municipal Liquidity Facility were stood up, it

[[Page E1204]]

became quickly evident there were a series of shortcomings with their 
design that would limit their effectiveness, leading me to write an 
extensive letter to Fed Chair Jay Powell on April 16, 2020, outlining 
my concerns and recommendations. This included expanding the Main 
Street Lending Program (MSLP) to ensure small businesses and non-profit 
organizations that needed help could access them. This also included 
expanding the Municipal Liquidity Facility (MLF) to make it more 
helpful to the many state and local governments that needed to help. I 
noted in that letter, and a subsequent one I sent with the House 
Financial Services Committee's Vice Chair, Rep. Michael San Nicolas (D-
GU), that the Federal Reserve should ensure territories, like Guam, 
should have access to the Municipal Liquidity Facility, as Congress 
intended.
  Since then and throughout the pandemic, I have had many discussions 
with Chair Powell as well as Treasury Secretary Mnuchin discussing my 
concerns with the Fed's facilities and the administration of other 
emergency programs, like the Paycheck Protection Program (PPP). I also 
held three CARES Act oversight hearings where both testified this year 
before the House Financial Services Committee--on June 30, September 
22, and December 2. I appreciate that along the way, some improvements 
were made. For example, with the MSLP, the Fed originally set 
the minimum loan threshold at $1 million, which was lowered to 
$500,000, and again to $250,000, and finally to $100,000, to ensure 
small businesses that needed smaller loans were not turned away. Access 
to the MLF was expanded to a wider range of state and local 
governments, and the facility's penalty rates were slightly reduced, 
though terms remained less favorable than those offered by the Fed's 
corporate credit facilities. Additionally, eligibility requirements for 
CDFI loan funds were eased so that more could participate and offer PPP 
loans. While overall, these programs were very helpful in stabilizing 
the economic volatility from the pandemic, I believe much more could 
and should have been done with these authorities and emergency 
facilities to limit the unnecessary short-term and long-term economic 
damage in many communities.

  While the CARES Act made funds available to the Treasury until 2026 
to support the Fed's emergency lending facilities throughout this 
pandemic and recovery, I was disappointed that Secretary Mnuchin opted 
to unilaterally close down these facilities at the end of 2020, even 
though the Fed wanted them to remain open, and these agencies clearly 
had the authority to keep them open. Non-partisan experts, Members of 
Congress, Congressional Oversight Commissioners, and the Special 
Inspector General of the Troubled Asset Relief Program have all 
strongly questioned the judgment and legal interpretation Secretary 
Mnuchin used to shut these facilities down. Minutes from the Federal 
Open Market Committee's November deliberations indicate that several 
Fed officials understand these facilities to be important in supporting 
the economy next year, and state and local officials, municipal bond 
market participants, and Financial Services Committee members from both 
parties have urged continuation of the MLF through 2021.
  While I continue to hold the view that ending these facilities was 
premature and irresponsible, I am pleased that Congress has reached a 
compromise through this legislation that will provide meaningful 
stimulus to the U.S. economy, while preserving the potent tools the Fed 
and Treasury have to engage in emergency lending that they had prior to 
the enactment of the CARES Act. Furthermore, this legislation will 
enable the Treasury Department under new leadership to support the 
economy through what remains a significant public health and economic 
crisis.
  It is worth noting that in the negotiations, Members considered 
several proposals that would have severely restricted the Federal 
Reserve's emergency lending powers going forward that were rejected. 
One proposal was to include language that stipulated, ``Notwithstanding 
any other provision of law, after December 31, 2020, the Board of 
Governors of the Federal Reserve System and the Federal Reserve banks 
shall not . . . establish under section 13(3) of the Federal Reserve 
Act (12 U.S.C. 343(3)) any program or facility that is similar to any 
program or facility established under section 13(3) of the Federal 
Reserve Act (12 U.S.C. 343(3)) in which the Secretary made a loan, loan 
guarantee, or other investment using funds appropriated under section 
4027 (15 U.S.C. 9061 ).This proposal was rejected because it would have 
overridden emergency lending authorities the Federal Reserve had prior 
to the enactment of the CARES Act to stand up programs and facilities, 
with the support of funds made available to the Secretary of the 
Treasury through the ESF, to provide support to small businesses, mid-
sized businesses, and non-profit organizations, as well as state and 
local governments, as was done in a similar fashion with CARES Act 
facilities. Other proposals to use ``substantially similar'' and other 
limiting phrases instead of ``similar'' were considered, and they were 
also rejected. Additionally, a proposal stipulating that ``the 
Secretary shall not approve the establishment of any such program or 
facility'' as those created by the CARES Act was also contemplated, but 
it was rejected on the basis that it would have placed undue 
constraints and limited these critical emergency lending authorities.
  The final compromise agreed to by the Members that is contained in 
this legislation was significantly narrowed compared to these 
previously mentioned and other proposals. To be specific, this 
legislation provides hundreds of billions of dollars in stimulus while 
rescinding the unobligated amounts appropriated in the CARES Act for 
direct loans by the Treasury and emergency lending by the Federal 
Reserve. The bill sets December 31, 2020 as the date for termination of 
the Federal Reserve's authority to make new loans, asset purchases, or 
modifications through the existing CARES Act facilities. As these CARES 
Act funds that were deposited in the ESF are rescinded, the bill 
clarifies that ESF funds may not be used to establish Federal Reserve 
13(3) facilities that are the ``same as'' (i.e. identical to) current 
13(3) facilities that received CARES Act funding support (except the 
Term Asset-Backed Securities Loan Facility, or TALF), while permitting 
substantially similar Fed facilities to be stood up with ESF funds in 
the future. This legislation also clarifies that the Federal Reserve 
fully retains the authority it had prior to the enactment of the CARES 
Act to establish programs and facilities under section 13(3) of the 
Federal Reserve Act, and that the Secretary of the Treasury fully 
retains its authority to use funds made available through the ESF to 
backstop such Fed facilities. This means that in unusual and exigent 
circumstances, the Federal Reserve can still work with the Treasury 
Department to establish new emergency lending programs and facilities 
to help small businesses and non-profit organizations, as well as 
state, territory, tribal, and local governments.
  The pandemic is still raging, and our economy is still very 
vulnerable. State and local governments face enormous budget shortfalls 
next year, small businesses are struggling to stay open, and an 
increase in corporate downgrades and bankruptcies has been flagged as a 
major financial stability risk by regulators. Recognizing these serious 
problems, the Federal Reserve has indicated its preference to keep the 
``full suite of emergency facilities'' available to it in the coming 
year. When the aforementioned proposals constraining emergency lending 
powers were reportedly being considered, former Fed Chair Ben Bernanke 
cautioned against them, stating ``it is also vital that the Federal 
Reserve's ability to respond promptly to damaging disruptions in credit 
markets not be circumscribed.'' Thankfully, that language was rejected, 
and this legislation preserves the Fed and Treasury's authority to step 
in and address a crisis through emergency lending, just as we've seen 
them extend support to states, cities, and small businesses since the 
enactment of the CARES Act. I look forward to working with President-
Elect Joe Biden, his incoming Administration and its new Treasury 
Secretary to ensure they work closely with the Fed and not be reluctant 
to fully utilize the tools and funds at its disposal to prevent job 
loss and stimulate economic recovery.


                           airport assistance

  As the Member of Congress who represents Los Angeles International 
Airport (LAX), I am deeply concerned about the tremendous financial 
needs that the COVID-19 pandemic has imposed upon our nation's air 
travel industry, especially the airports themselves. That is why I am 
pleased that this bill includes $2 billion to assist our nation's 
airports and airport concessionaires.
  Airports are an important engine for economic activity. They 
facilitate the movement of both merchandise and people around the 
nation and the world, but they have been severely affected by the 
pandemic. LAX was the fourth busiest airport in the world prior to the 
pandemic, based on the number of passengers. In 2018, 78.5 million 
passengers used LAX, including more than 26 million international 
passengers. According to a study in 2014, operations at LAX generated 
620,000 jobs in Southern California with labor income of $37.3 billion 
and economic output of more than $126.6 billion. Furthermore, this 
economic activity added $6.2 billion to local and state revenues. The 
unprecedented decline in air travel at LAX in response to the pandemic 
has had a profound negative impact upon the economy of Southern 
California.
  In addition to being an essential hub for domestic and international 
travel, LAX is also the home of numerous concessionaires that serve the 
needs of airport passengers as they journey to their destinations. 
These concessionaires, many of which are small, disadvantaged, and 
minority- and women-owned businesses, depended upon the bustling 
economic activity that was commonplace at LAX prior to the pandemic.

[[Page E1205]]

  While stopping the spread of the virus necessitates that Americans 
avoid all but the most essential air travel, we must nevertheless 
ensure that all of our nation's airports, large and small, are able to 
continue to operate in a safe manner, pay their workers, and prepare 
for the day when Americans will once again be able to travel freely 
without fear of COVID-19.


  paycheck protection program (ppp) and other aid for small businesses

  The Paycheck Protection Program was a lifeline for so many small 
businesses through the beginning of the pandemic. It provided largely 
forgivable loans to businesses that used the funds to keep their 
employees on payroll and to keep the lights on at work. I have worked 
hard alongside House Small Business Committee Chairwoman Nydia 
Velazquez from the beginning of the pandemic to ensure community 
financial institutions, like MDIs and CDFIs, could provide PPP loans, 
and to ensure that small businesses, particularly minority-owned 
businesses that have been disproportionally impacted by this pandemic, 
get the support they need. In the first round of PPP, more than $525 
billion of forgivable loans helped over 5.2 million businesses, with 
more than 81 percent of those loans being for less than $100,000, and 
more than 68 percent of those loans being for less than $50,000, this 
program.
  Building on those efforts, I am pleased that today's bill 
reauthorizes and provides over $284 billion to this program. 
Specifically, the legislation provides for first draw and second draw 
forgivable PPP loans, expanded eligibility for nonprofits and local 
newspapers, TV and radio broadcasters, and key modifications to PPP to 
serve the smallest businesses and struggling non-profits. I am also 
pleased the legislation will help independent restaurants, and includes 
$15 billion in dedicated funding for live venues, independent movie 
theaters, and cultural institutions.
  Additionally, the bill expands the expenses to which PPP funds can be 
applied to include life- and enterprise-saving protective equipment for 
staff and businesses. And the bill speeds up forgiveness for the 
smallest of the PPP loans, reducing the paperwork required of a 
recipient while affirming the need to prevent fraud and other financial 
crimes that would prevent legitimate businesses from accessing the 
funds. Moreover, $15 billion of these funds have been reserved to be 
issued by community financial institutions, including CDFIs and MDIs, 
and another $15 billion is reserved for community banks and credit 
unions with less than $10 billion in total assets.
  In addition to these PPP loans, this legislation includes $20 billion 
for targeted Economic Injury Disaster Loan (EIDL) Grants which have 
proven to be helpful to many smaller businesses. While I believe this 
legislation will be helpful for many small businesses, Congress should 
be prepared to quickly pass additional legislation and provide 
additional relief to help small businesses. Furthermore, the Federal 
Reserve along with the Treasury Department should be prepared to 
exercise the emergency lending powers they have to augment these 
efforts and do what they can to help small businesses struggling 
through this pandemic through no fault of their own.


                            stimulus checks

  When the scope of the recession caused by Covid-19 became clear in 
March, I introduced legislation that would have provided our economy 
with ``automatic stabilizers'' in the form of monthly stimulus payments 
to a broad set of eligible households. In any recession, direct 
payments can help mitigate the drain on demand caused by people losing 
their jobs and income, and within the context of a recession deepened 
by stay-at-home measures, direct payments are an essential part of the 
government's response. Research on the impact of the CARES Act 
estimates that the one-time economic impact payment that CARES provided 
reduced poverty for 8.2 million individuals. Importantly, the same 
research shows that the poverty-reducing effect of the CARES Act is 
about to run out for that same set of individuals, and with 
unemployment claims back on the rise, emergency relief through direct 
stimulus had to be a part of this end-of-year package. I will continue 
to push for more relief next year, and I know that much more direct 
stimulus will be needed to get households through what remains of this 
pandemic and the economic fallout it has caused.
  Mr. Speaker, I have been truly inspired by the resolve and strength 
of the American public as the enormity of this pandemic has grown. 
Medical workers, first responders, grocers, teachers, and countless 
others have worked every day to benefit our struggling communities 
during this crisis. With this legislation before us today, Congress is 
finally doing its part to stand up for people and families across the 
country. Colleagues, please join me and vote yes for H.R. 133.

                          ____________________