ABSTRACT

Oversight of the Treasury Department's and Federal Reserve's Pandemic Response, Virtual Hearing Before the Committee on Financial Services, U.S. House of Representatives, One Hundred Seventeenth Congress, First Session, March 23, 2021   [open pdf - 4MB]

This is the March 23, 2021 virtual hearing on "Oversight of the Treasury Department's and Federal Reserve's Pandemic Response," held before the U.S. House Committee on Financial Services. From the opening statement of Maxine Waters: "There are two recently-authorized pandemic response programs the Treasury Department is now rolling out, in which I have a special interest. The first is the December COVID [coronavirus disease] package that included $9 billion in emergency capital investment as a program. It is called the Emergency Capital Investment Program (ECIP), and will provide capital investments and grants to strengthen Community Development Financial Institutions (CDFIs), and Minority Depository Institutions (MDIs). [...] The second assistance to small businesses, authorized in the American Rescue Plan, is through the State Small Business Credit Initiative, also known as the SSBCI. This $10 billion program provides funding, $2.5 billion of which will go to minority-owned businesses, and that can make a real impact in the hardest-hit businesses. [...] Last year, in response to the pandemic, Republicans and Democrats worked together on multiple bills that were temporary, targeted, and tied to COVID. In partnership with the Federal Reserve and Treasury, we were able to direct aid where it was needed. Unfortunately, despite last year's bipartisan cooperation, the Majority rammed through a partisan $2 trillion deficit spending bill that is a Keynesian wish list for their pre-COVID priorities." Statements, letters, and materials submitted for the record include those of the following: Jerome H. Powell, and Janet L. Yellen.

Report Number:
Serial No. 117-12
Publisher:
Date:
2021
Series:
Copyright:
Public Domain
Retrieved From:
U.S. Government Publishing Office: http://www.gpo.gov/
Format:
pdf
Media Type:
application/pdf
URL:
Help with citations