Maxine Waters

Ms. WATERS

Ms. WATERS. Mr. Speaker, I rise in opposition to the amendment.

Ms. WATERS. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise in opposition to the substitute amendment offered by our committee's ranking member, Mr. McHenry. Mr. McHenry's partisan proposal is a nonstarter and not a serious attempt to find common ground with bipartisan support. The Republican substitute amendment does not include several important elements of my bill, H.R. 2547, and fundamentally weakens many essential protections in the few provisions he included. For example, Mr. McHenry included a prohibition on confessions of judgment based on title I. However, he included a harmful provision related to written affidavits, effectively undermining the prohibition on confessions of judgment, and severely reducing protections for small businesses struggling during this pandemic. The Federal Trade Commission banned confessions of judgment more than 35 years ago in 1985 for consumer loans. Our committee learned that small business owners, like taxicab drivers, have unwittingly waived their typical due process rights when it comes to debt collection because these harmful confessions of judgment terms were tucked into their small business loan. Representative Velazquez has been leading the effort on this in the House, working in a bipartisan fashion with Senators Brown and Rubio. However, if we take the approach proposed by Mr. McHenry, small businesses will continue to be ripped off. Moreover, I would add H.R. 2547 includes several other bipartisan provisions, including title II, which is based on a bill by Representative Dean to protect servicemembers from harassment and threats from debt collectors. The House has unanimously passed title II as a standalone bill twice, both last year and this year. Additionally, title VI would enhance protections related to Federal agency debts based on a bill by Representative Cleaver that has been bipartisan for a number of years, but when we tried to move it on the suspension calendar last year, Republicans changed their mind. Unfortunately, at a time when consumers are suffering while debt collectors make record profits during the pandemic, the House Republican alternative is not a serious effort to reform and modernize our debt collection laws. So, Mr. Speaker, I urge my colleagues to reject the McHenry substitute amendment, and I reserve the balance of my time.

Ms. WATERS. Mr. Speaker, I yield back the balance of my time.

Ms. WATERS

Ms. WATERS. Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks on this legislation and to insert extraneous material thereon.

Ms. WATERS. Mr. Speaker, I yield 1 minute to the gentlewoman from California (Ms. Pelosi), the distinguished Speaker of the House, who is also the sponsor of this legislation.

Ms. WATERS. Madam Speaker, I yield myself the balance of my time. In closing, I commend Speaker Pelosi for bringing forward this bipartisan legislation, acknowledging the bravery displayed by the men and women who protected the Capitol on January 6. It is through their leadership and decisive action on that day that many lives, including my own, were saved. I urge all Members to honor the sacrifices and courage displayed by members of the Capitol Police, Metropolitan Police, and other law enforcement agencies on January 6 by voting ``yes'' on H.R. 1085. Madam Speaker, I yield back the balance of my time.

Ms. WATERS. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 1085) to award three congressional gold medals to the United States Capitol Police and those who protected the U.S. Capitol on January 6, 2021, as amended.

Ms. WATERS. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, every day the men and women of the United States Capitol Police protect the United States Capitol. They protect us; they protect our staff; and they protect journalists and other visitors who come into the people's House. On January 6, 2021, the United States Capitol building was attacked by armed insurrectionists who attacked Capitol Police Officers and engaged in acts of looting and vandalism. On that day, we witnessed the courage, patriotism, and commitment to service exemplified by Members of the Capitol Police, Metropolitan Police, and other law enforcement agencies, who risked their lives and sustained injuries as they sought to protect those trapped in the Capitol. We honor these officers who sustained injuries in the line of duty, and we honor the sacrifices of heroes, including Capitol Police Officers Brian Sicknick and Howard Liebengood and Metropolitan Police Department Officer Jeffrey Smith. And, finally, we honor Capitol Police Officer Eugene Goodman, whose quick thinking and selfless action undoubtedly saved the lives of many. This legislation authorizes the Department of Treasury to mint three Congressional Gold Medals to be given to the United States Capitol Police, Metropolitan Police Department of the District of Columbia, and the Smithsonian Institution, so that we may never forget the valor and courage displayed by the brave men and women who protected the Capitol on January 6, 2021. I thank Speaker Pelosi for introducing this bill. This is one of the most important bills that we could ever put before the Congress of the United States, and I urge Members to vote ``yes.'' Mr. Speaker, I reserve the balance of my time.

Ms. WATERS. Mr. Speaker, I yield 2 minutes to the gentlewoman from the District of Columbia (Ms. Norton).

Ms. WATERS. Madam Speaker, I yield 2 minutes to the gentleman from Virginia (Mr. Beyer).

Ms. WATERS. Madam Speaker, may I inquire, through the Chair, if my colleague has any remaining speakers on his side?

Ms. WATERS

Ms. WATERS. Mr. Speaker, I thank President Biden and all of the Democratic leadership for this wonderful, historic piece of legislation that we are voting on here today. This indeed responds to the needs of the American people during this pandemic. This is why I came to Congress to do this kind of work, and I am so proud to be a Democratic Member of Congress at this time. This bill not only supports education; it gives stimulus checks to put food on the table and unemployment assistance. Small businesses will be able to reopen and stay open. Then everybody will have access to the vaccines that will be made available because of this bill. It has been said more than once that this bill will take children out of poverty. They will be able to depend on regular assistance to them and their families every month. I am so pleased that as the chair of the Committee on Financial Services, I have, in my jurisdiction, $77 billion to deal with some very critical issues. This bill includes critical funding for emergency rental assistance, providing $22.5 billion to pay the back rent and future rent payments owed by millions of struggling families. That is in urban communities, rural communities, Black, White, and Asian. All folks will have access to this rental assistance. Mr. Speaker, combined with the funding for emergency rental assistance I negotiated in the December stimulus package and the $5 billion for 70,000 new housing vouchers that are included in this package, this bill is truly historic and will help people across the Nation to remain safely housed.

Ms. WATERS. Mr. Speaker, since March 2020, when the COVID-19 pandemic plunged this country into a public health emergency and wreaked havoc on the U.S. economy, House Democrats have worked around the clock to advance robust legislation to address our public health needs and to provide real assistance to those who have been affected by this deadly pandemic. That day has finally arrived. The American Rescue Plan Act is the culmination of a year-long effort by Democrats to tackle the pandemic crisis and provide assistance to struggling individuals, families, small businesses and communities. Under the leadership of President Biden, Democrats in the House and Senate are taking action to deliver robust relief across the country. With millions out of work, facing eviction, experiencing hunger, and struggling to make ends meet, this legislation is urgently needed. The Committee on Financial Services drafted key recommendations that are contained in the legislation under consideration today, and as Chairwoman I am providing an explanatory statement of these provisions to guide the Administration's implementation of these provisions. Section 3101. COVID-19 Emergency Medical Supplies Enhancement. Subsection (a) of section 3101 provides $10,000,000,000 to carry out titles I, III, and VII of the Defense Production Act of 1950 (50 U.S.C. 4501 et seq)(DPA) to boost the production of essential medical equipment and supplies related to combating the COVID-19 Pandemic. The Committee expects that in implementing this section, the President will seek to make investments in both urban and rural areas to the extent this is consistent with the country's health needs. Subsection (b) sets out the purposes for which the $10 billion provided by this section may be used. Paragraph (1) provides that the funds may be used for the purchase, production or distribution of medical equipment and supplies related to combating the COVID-19 Pandemic, including funding for all types of COVID-19 tests, personal protection equipment, including N95 masks, and vaccines and drugs for preventing or treating COVID-19 or its symptoms. Subsection (b) also provides for using such funds for acquisition of material, including raw materials, equipment and technology needed for such purposes. The Committee notes that testing is critical to ensure that we can stamp out the pandemic, and the provision includes in-vitro diagnostic testing, intended to be interpreted as that term is defined in section 809.3(a) of title 21, Code of Federal Regulations), for the detection of SARS-CoV-2 or the diagnosis of the virus that causes Covid-19. The Committee expects that such tests will include inexpensive rapid at- home antigen tests that will allow individuals to identify new infections quickly and safely. This subsection also provides for vaccines, which are described in this section as biological products, intended to be interpreted as that term is defined by section 351 of the Public Health Service Act (42 U.S.C. 262). The Committee also notes that ``drugs'' and ``medical devices'' as used in subsection (b)(1)(C) are intended to be interpreted as those terms are defined in the Federal Food, Drug, and Cosmetic Act (21 U.S.C. 301 et seq.)) Subsection (b) also provides that after September 30, 2022, funds appropriated by subsection (a) may be used to combat future pathogens that the President determines have the potential for creating a public health emergency. This additional flexibility can be used to address the current or future pathogens. Given this flexibility, the Committee expects that if the President exercises this authority, the President will consult with the relevant committees, including providing information on the amounts the President anticipates the administration would spend to combat such a pathogen prior to exercising this authority. Because of the wide ranging interests in these matters, in addition to the Committee on Financial Services, information should be provided to the Senate Committee on Banking, Housing and Urban Affairs, the House and Senate Appropriations Committees, the Committee on Energy and Commerce, and the Senate Committee on Health, Education, Labor and Pensions. The Committee also expects that the President will provide timely information regarding the use of these funds, whether for the COVID-19 Pandemic or for future pathogens. In particular, the Committee expects that the President will provide information on any commitment of more than $50 million, whether in the forms of expenditures or loans under the Defense Production Act of 1950, prior to making such commitment. Because of the wide interest in these matters, the Committee expects that all such information, shall be provided not only to the Committee but also to the Committees described above. The Committee also expects that the funds provided by this section will primarily be used by the Secretary of Health and Human Services (HHS). The DPA allows the President to delegate his authority under the DPA to various agencies, and he has delegated DPA authority under Title III of the Act to HHS. While the DPA has been administered by the Department of Defense, the funds made available by this section are not for support of the Defense Industrial Base, but are for medical supplies and equipment related to the COVID-19 Pandemic. However, the Committee recognizes that the President may determine that it is important that other agencies, such as the Department of Homeland Security, have a role in either producing or distributing key supplies with respect to the Pandemic or a future pathogen that has the potential to cause a public health emergency. If the President delegates this authority to any agency other than HHS because it is important to do so, the Committee expects the President to consult with the relevant Committees prior to take such action, and notify the relevant Committees of which agency would exercise such authority, the amount and the purpose for which the funds would be used. Finally, the Committee notes that the Senate Amendment removed references to section 304(e) of the Defense Production Act of 1950 (relating to limits on carryover funds remaining in the Defense Production Act Fund established by section 304 of the Act). The Committee believes by eliminating this reference, the $10 billion provided by section 3101 is no longer intended to be deposited into the DPA Fund. The statutory framework established by section 3101 clearly provides that the funds provided by this section are for any purpose in titles I, III and VII (including paying for critical infrastructure under section 107 of the Act and for experts and other personnel under Title VII of the Act). By its terms, amounts in the DPA Fund are available only for purposes of Title III, so funds from section 3101 should not be deposited into this Fund. This is also consistent with the provision free standing nature, as opposed to referencing the existing ``DPA Purchases'' account, which is a proxy for deposits into the Fund. Moreover, the fact that the funds have a specific duration until September 30, 2025 demonstrates that these funds have a special status that is not consistent with the statutory frame of DPA Fund. Thus, in agreeing to the Senate Amendment, the Committee intends that the President establish a new account to allow these funds to be used for the purposes of titles I, III, and VII of the Act and to available until September 30, 2025, without reference to section 304 of the Act. In order to ease execution of these funds, the President may use existing delegations and structures to carry out this provision, including current mechanisms for execution of the DPA Fund. The Committee notes that this section draws from H.R. 1720, introduced by Representative Juan Vargas of California. With millions of individuals and families struggling to pay their rent, action is urgently needed to prevent an eviction crisis. According to the latest U.S. Census data, nearly 1 in 5 renters are behind on paying rent, with renters of color disproportionally struggling, while Moody's Analytics recently estimated that renters collectively owe over $57 billion in unpaid rent, utilities, and additional fees. Section 3201 provides $21.6 billion for states, localities, and territories to provide emergency assistance to renters. This funding supplements the $25 billion in emergency rental assistance funding provided by Congress in December (Section 501 of the Consolidated Appropriations Act, 2021 (Public Law 116-260) (Section 501)) but includes additional flexibilities to ensure grantees can better stabilize renters. The Biden administration should again extend the federal eviction moratorium that expires on March 31, 2021 so that grantees have time to distribute assistance to renters in need. Renters would be able to receive up to 18 months of financial assistance, including future rent and utility payments (including pad rents in manufactured housing communities), and unpaid rent or utility bills that have accumulated. Renters can also receive assistance for other housing-related expenses necessary to promote housing stability, such as, but not limited to:, security deposits; relocation and rental fees for displaced households; late fees related to a former or current rental unit; and internet service provided to the rental unit. Section 3201 does not preclude grantees from continuing payment processes provided in Section 501. These processes are the provisions that govern payments of rent and utility assistance either to property owners and utilities or directly to tenants, and the application for assistance by landlords and owners under subsection (f). Additionally, funds can be used to provide housing stability services, such as, but not limited to: case management; tenant-landlord mediation; legal services related to eviction and housing stability; housing counseling; fair housing counseling; and specialized services for people with disabilities, people with chronic health conditions, seniors, or survivors of domestic violence or human trafficking. Similar to Section 501, Section 3201 permits grantees to use a certain percentage of their funds on administrative costs to support eligible program activities, including the provision of financial assistance and housing stability services. Grantees may also use up to 10 percent of their funds on providing housing stability services. As in Section 501, funds are provided to states to assist renters throughout the state, including in rural communities, as well as cities and counties that receive a direct allocation. The Committee expects the Department of the Treasury (Treasury) (the agency implementing the program) and grantees to implement Section 3201 swiftly and not create any artificial barriers to assistance. In particular, we have seen with some benefits provided by the CARES Act, that documentation requirements to prove eligibility have erected artificial barriers that have cut people off from the benefits Congress intended them to receive. Indeed, diverse stakeholders, including tenant advocates, landlords, and state and local government agencies have raised concerns that such requirements that have been applied in existing emergency rental assistance programs have prevented renters from completing applications and are overly burdensome for program staff. 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. An applicant's simple attestation should be the only documentation required to meet program eligibility requirements. Additionally, grantees may continue the income assessment procedures pursuant to Section 501 to determine eligibility. It is also the intent of the Committee that Treasury and grantees broadly read the requirement regarding the connection between a renter's hardship and the coronavirus pandemic when determining the eligibility of the renter. As the language states, the hardship must have occurred ``during or due, directly or indirectly, to the coronavirus pandemic.'' The economic effects of the pandemic will be felt long after the virus is contained. Certain industries and communities have been particularly hard-hit from the pandemic and will likely take years to recover. Treasury should issue guidance that makes this point clear to ensure renters are not cut off from needed assistance as they try to recover from economic downturns caused by the pandemic. Section 3201 also provides that after October 1, 2022, certain grantees may expend funds on ``other affordable rental housing and eviction prevention activities'' that benefit any very low-income renter household. Such activities can include affordable housing development, preservation, or acquisition, and other forms of rental assistance and eviction prevention activities targeted to very low- income renters. To ensure continuity in monitoring funds provided by Section 3201 and Section 501 and ease of grantee implementation, Treasury should maintain the same reporting requirements that were included in Section 501. The Committee encourages the Administration to create and maintain a central public repository of information on state and local rental assistance programs, which at a minimum identifies the program's administering agency and contact information, so that renters and landlords can more easily identify available assistance. Finally, to the extent there is any confusion with regard to the taxability of assistance, Treasury, in consultation with the Internal Revenue Service, should provide guidance to clarify this for grantees and program participants. During this public health emergency and financial crisis, millions of homes are threatened by foreclosure, with over 8 million homeowners behind on their mortgage payments, and an estimated $90 billion in missed mortgage payments. Targeted, direct assistance to homeowners through the Homeowner Assistance Fund (HAF or Fund) is an essential tool that will help avoid a repeat of the 2008 foreclosure crisis, which upended the lives of millions of Americans and eviscerated the generational wealth for many communities, namely for families and communities of color. Although the CARES Act provided a foreclosure moratorium and forbearance for federally-backed mortgages, many homeowners will lose their homes to foreclosure in the absence of additional assistance. Approximately 30 percent of the mortgage market is not federally-backed and, therefore, ineligible for CARES Act forbearance relief provided in March of 2020. Elderly borrowers with reverse mortgages (known as Home Equity Conversion Mortgages or HECMs) will need assistance paying their taxes, insurance, and utilities on time to avoid foreclosure. Low-to- moderate income homeowners may need more payment assistance after forbearance than is possible through loss mitigation programs. Single- family rental property owners and other homeowners without a mortgage will also need assistance to avoid losing their homes due to foreclosures. The HAF would be able to help with other housing costs beyond mortgage payments, and can be used for things like principal reduction that are not offered through loss mitigation for federal mortgage programs but can provide deeper payment reductions for homeowners who need it. Administered through the Department of the Treasury (Treasury), the HAF would provide nearly $10 billion for states, territories, and tribal governments to address the ongoing needs of homeowners struggling to afford their housing because they have experienced a financial hardship associated with the coronavirus pandemic. Designed to work alongside CARES Act mortgage forbearance relief and federal loss mitigation programs, the HAF will prevent foreclosures by providing homeowners direct assistance with their mortgage payments, property taxes, property insurance, utilities, and other housing related costs. The funding would be administered similar to the Hardest Hit Fund (HHF), which was a homeowner relief program created in the aftermath of the 2008 crisis that was administered primarily through State Housing Finance Agencies. While HHF funding was available to select states, the HAF has been calibrated to be available to all states, territories, and tribes, and to account for significantly higher rates of unemployment today as compared to 2008. Of the nearly $10 billion dollars provided through the HAF, 60 percent of funds are required to serve homeowners making at or below 100 percent of the area median income or the national median income, whichever is higher. The flexibility in income determination between AMI and national median income is intended to ensure resources reach localities where the area median income may be too low to adequately serve struggling tribal homeowners and other homeowners living in rural areas. The remaining 40 percent of funds are not income limited and must be targeted to socially disadvantaged individuals, which the Committee expects will capture homeowners of color, including Black, Latinx, Asian, and Native American homeowners across the income spectrum who have been shown to be at disproportionate risk of being delinquent on their mortgages and at risk of foreclosure due to having lower savings and less wealth on average compared to White homeowners. According to the U.S. Census Bureau's weekly Pulse Survey data, Black, Latinx, and Asian homeowners have consistently been more than twice as likely as White homeowners, despite age, sex, income, and geography, to be behind on their mortgage payments. Similarly, a survey conducted by Fannie Mae found that 51 percent of Black homeowners and 65 percent of Latinx homeowners were not familiar with forbearance relief options provided through the CARES Act, despite being the populations with the greatest need. The Committee expects that Treasury's implementation and administration of the Fund will include proper oversight and reporting requirements to monitor and ensure HAF funding properly reaches and serves the populations that have been documented to be experiencing disproportionate need during the current crisis. Adequate reporting should be made publicly available on a quarterly basis and include the types and amount of assistance provided, the terms of such assistance, with the data disaggregated by locality, race, ethnicity, sex, and other factors that provide transparency and oversight in accordance with the law. Such reporting will also be essential in Treasury's ability to implement the HAF Reallocation provision. While the Department of Housing and Urban Development, in coordination with the Department of Justice, is responsible for the enforcement of the Fair Housing Act (FHAct), the FHAct requires that all federal housing programs and funds be administered in ways that affirmatively further fair housing and do not perpetuate historically inequitable distribution of housing funds. Therefore, both Treasury and eligible entities have a legal responsibility to affirmatively further fair housing through HAF, and to ensure that the administration of housing relief funds do not have a disparate impact on protected classes under the FHAct. The federal government must avoid its mistakes of the past that have resulted in the lopsided, inequitable provision of housing relief that fails to meet the needs of hardest hit communities that are often the lowest income communities and communities of color. In support of these efforts, Section 3208 provides $20 million for HUD's Fair Housing Initiatives Program to support housing discrimination complaint intake and on-the-ground fair housing investigations. Additionally, Treasury must provide eligible entities with clear and standard guidance early on in its administration of HAF to facilitate proper and expeditious implementation. The Committee expects Treasury to clarify that assistance provided through HAF should not be considered income for a homeowner receiving relief. Additionally, Treasury should make sure it is made clear as early on as possible that eligible entities can utilize a portion of their HAF funds to establish and administer their programs, similar to what was allowed through HHF. The Committee also expects that the Treasury will allow eligible entities that overestimate funding needs for administrative purposes to transfer and use such funds in the provision of assistance to homeowners. Following the 2008 financial crisis and Great Recession, Congress established the State Small Business Credit Initiative (SSBCI) that provided $1.5 billion to the Department of the Treasury (Treasury) to fund various state, territory, and local small business loan and investment programs. This program was leveraged to support $10.7 billion in new financing to small businesses, helping to create or save more than 240,000 jobs. The median small business size supported by SSBCI had 3 full time employees, and the median loan or investment amount was $33,000. Approximately 41 percent of SSBCI supported transactions went to women or minority-owned businesses. This successful program expired in 2017. In light of the widespread challenges small businesses, especially minority-owned businesses, have faced during the COVID-19 pandemic, Section 3301 would effectively reauthorize the SSBCI, providing $10 billion in federal funds to support up to $100 billion in new loans and investments for small businesses through state, territory, tribal, and local small business programs. This amount includes up to $2.5 billion in federal funds to support business enterprises owned and controlled by socially and economically disadvantaged individuals, including minority-owned businesses. This amount also includes up to $500 million for tribal government programs, and $500 million to provide technical assistance to small businesses that need legal, accounting, financial and other kinds of advice in applying for small business support programs. As the renewed SSBCI is stood up, the Treasury should provide adequate support to small businesses, especially very small businesses and those owned by socially and economically disadvantaged individuals. Socially and economically disadvantaged individuals may include racial and ethnic minorities, women, indigenous people, veterans, or others who have been marginalized by their social or economic conditions. Additionally, through the program requirements Treasury is authorized to establish and through other means, the Committee expects Treasury to closely oversee states' expenditure of $2.5 billion funds that are to directly support businesses owned by socially and economically disadvantaged individuals, including establishing a minimum level of support states and other jurisdictions receiving funds provide to these businesses. In addition, the Treasury should require states to provide a specific plan to engage minority depository institutions (MDIs), community development financial institutions (CDFIs) and other mission-driven lenders who have a strong track record of supporting small and minority-owned businesses. Treasury should also require states to a COVID-19 pandemic response plan with their application, describing how the state will expeditiously utilize funds to support small businesses, including business enterprises owned and controlled by socially and economically disadvantaged individuals, in responding to and recovering from the economic effects of the COVID-19 pandemic. Moreover, Treasury should also require states to agree that no lending activity supported by SSBCI funds would result in predatory lending, including charging interest rates in excess of 36 percent annual percentage rate under the Military Lending Act. With respect to the technical assistance funds made available under Section 3301, Treasury should maximize the ability to deploy these funds to the Minority Business Development Agency (MBDA) at the Department of Commerce, which could expedite support to a network of business counselors, minority chambers of commerce and non-profit organizations that are already providing such services in their communities. Further, given research demonstrating that increasing employee ownership is one way to help narrow gender and racial wealth gaps, the Committee encourages Treasury to provide funds to states that use the funds to support state employee ownership centers that provide technical assistance to businesses, including providing resources on how small businesses can offer workers employee stock ownership plans. Furthermore, the Committee expects that the Treasury will provide timely information regarding the use of these funds. The Treasury should require the gathering of data on program implementation, including but not limited to, demographics on program participants and interest rates assessed by lenders and investors. This data should be reported to the public and the appropriate congressional committees of jurisdiction, as well as shared with appropriate federal audit agencies, such as the Inspector General's office and the Government Accountability Office, for review. The CARES Act, signed into law on March 27, 2020, established the Payroll Support Program (PSP), which provided $32 billion in payroll support for workers employed by airlines, cargo air carriers, and contractors servicing air carriers at airports. Through the Consolidated Appropriations Act of 2021, Congress approved the Payroll Support Program Extension (PSP2), which provided short-term relief to the same class of workers as PSP until March 31, 2021. According to some estimates, major U.S. airlines lost over $35 billion in 2020, and require additional assistance to support their workforce. Therefore, Section 7301 would provide $15 billion to further extend the Payroll Support Program (PSP3) through at least September 30, 2021, to provide payroll support for airline workers and related contract workers. Specifically, PSP3 would provide $14 billion to support workers of eligible air carriers, and $1 billion would be available to support workers of eligible contractors. Given the budget reconciliation process and the need to rely on the PSP2 distribution framework, the Committee urges Treasury to implement this program in a robust and fair manner so that all entities eligible for PSP2 and PSP3 are able to access the program and provide ongoing support for its workforce. Like other businesses, airports and airport concessions have been hit hard during the pandemic. To help ensure those businesses and their workers get the support they need until the public health emergency is over and normal activity resumes, Section 7102 provides $8 billion in relief for airports, including at least $800 million to support airport concessions. In administering the program, the Federal Aviation Administration (FAA) should implement this program along with the relief program Congress enacted into law through the Coronavirus Response and Relief Supplemental Appropriation Act on December 27, 2020, holistically and prioritize support for minority-owned businesses, including Airport Concession Disadvantaged Business Enterprises (ACDBEs). Moreover, Section 7102 recognizes the interconnected ecosystem that many airport concessions operate in, including through joint ventures and other partnerships with large airport concessions they receive indirect support from. As such, the FAA should support the full ecosystem while taking all necessary steps to ensure small and minority-owned concessions, regardless of the contractual arrangements those entities are a party to as an airport concession (e.g. joint venture, sub-tenant under a master lease or master developer, etc.), receive robust rent and fee abatement as expeditiously as possible. While Section 7102 provides airports with critical funding to support airport concessionaires, the amount appropriated is less than what stakeholders have indicated is necessary to support workers and promote stability during this difficult time. Given the key role concessionaires of all types provide to the traveling public and to airport finances, I encourage the FAA and other federal agencies to find ways to provide additional financial and other support to the airport concessions ecosystem during this challenging time. Mr. Speaker, individuals, families and small businesses are in urgent need of assistance. This legislation delivers robust relief to communities across the country during this pandemic crisis. Colleagues, please join me and vote yes for H.R. 1319.

Ms. WATERS

Ms. WATERS. Madam Speaker, I was unavoidably delayed by a constituent on the phone. Had I been present, I would have voted ``yea'' on rollcall No. 73.

Ms. WATERS

Ms. WATERS. Madam Speaker, I rise today to honor the life of Apostle Frederick K.C. Price of Los Angeles, California, who died on February 12, 2021 at the age of 89. Apostle Frederick K.C. Price is the founder of Crenshaw Christian Center (CCC) in Los Angeles, California. He began CCC in 1973 and shepherded it into a ministry of world renown, with services held in the 10,000-seat FaithDome. In 1978, Apostle Price received instruction from God to begin a television broadcast and, as a result, Ever Increasing Faith Ministries (EIFM) began broadcasting in five major television markets. Thus, the television broadcast soon after became global. EIFM can be viewed on many television stations in all 50 states and in many foreign countries. Apostle Price is also heard on numerous radio programs and 19 Internet broadcast stations. Additionally, he can be seen on most social media platforms, including Facebook, Twitter, Instagram, YouTube, Pinterest, and others. In 1990, Apostle Price founded the Fellowship of Inner-City Word of Faith Ministries (FICWFM), which later became the Fellowship of International Christian Word of Faith Ministries before disbanding in 2017. And in 2001, he established an East Coast church, Crenshaw Christian Center East. A visionary and prolific author, Apostle Price is the author of some 50 books on faith, healing, prosperity, and the Holy Spirit. How Faith Works is a classic on the operation of faith and its life-changing principles. Although he had already operated in the fivefold ministry gift of apostle, in 2008 Apostle Price was publicly affirmed as an apostle of faith. Under the mantle of the teaching gift, Apostle Price established several schools for ministry and formal education at CCC. Among them are Frederick K.C. Price Ill Christian Schools (preschool to 12th grade); the Ministry Training Institute in 1985; a CCC Correspondence School; the Frederick K.C. Price School of the Bible; and in 2008, the Apostle Price Ministry Training Center. Over the years, Apostle Price has received many prestigious awards, most notably the Horatio Alger Award and the Kelly Miller Smith Interfaith Award. A year after his affirmation and after more than 35 years of service, Apostle Price stepped aside as pastor to formally install his son, Frederick K. Price Jr., as his successor. For years he served as the presiding prelate of both CCC West and CCC East and as the chairman of CCC's board of directors. A devout husband and proud father, Apostle Price is survived by his wife of 67 years, Dr. Betty Price, four children, ten grandchildren, and four great-grandchildren. I am proud to call myself a friend of the Price family, and I extend my deepest condolences to them and to the countless lives touched by the life and work of Apostle Frederick K.C. Price.

Ms. WATERS

Ms. WATERS. Madam Speaker, I rise in support of the George Floyd Justice in Policing Act, which bans police choke holds, creates a national police misconduct registry, and eliminates qualified immunity, among other needed provisions. I grieved when first watching George Floyd's murder by a cop, and I grieve still over the continued loss of so many Blacks killed by cops. There have been 149 Black men killed at the hands of police since George Floyd's murder. I have been fighting against this police brutality since my first days as a member of the California State Assembly. But here we are, mourning the victims of police choke holds, Blacks being shot in the back, fathers being killed in front of their children and their families. We Blacks are under siege by rogue cops, who we pay to protect and serve us, and White supremacists and domestic terrorists. We have to resist this. We have to say to bad cops in blue that we are going to fight you. Or proud boys in yellow gear, we are going to fight you. We are going to resist you.

Ms. WATERS

Ms. WATERS. Madam Speaker, I am so grateful that we have President Biden's leadership in the White House to tackle the ongoing pandemic. H.R. 1319, the American Rescue Plan Act of 2021, carries out this plan and delivers the relief that communities across this country need so very much. Critically, the bill provides more than $75 billion for programs in my committee's jurisdiction, including $20 billion for emergency rental assistance, $5 billion for 70,000 new housing vouchers, $10 billion in homeowner assistance, $10 billion to boost emergency medical equipment production, $10 billion for small businesses, and $15 billion for airline workers. I am so pleased that we are increasing the stimulus payments from $600 to $2,000 for each of our constituents. I am a happy camper tonight. This is what America needs. Republicans ought to be a part of this; but if they are not, then we are going without them. With hunger growing and millions out of work and at risk of eviction or foreclosure, America needs this bill passed into law. Vote ``yes'' on this bill.

Ms. WATERS

Ms. WATERS. Mr. Speaker, I rise in strong support of H.R. 5, the Equality Act, a critical piece of civil rights legislation. Half a century ago, the Fair Housing Act and the Equal Credit Opportunity Act became law. But we know that housing and lending discrimination remains a widespread problem. Former President Trump and his administration were shameful and cruel adversaries to justice and civil rights and worked to gut protections against housing and lending discrimination. According to the National Fair Housing Alliance, sex discrimination made up the fourth greatest basis for complaints in 2019. As housing discrimination continues to harm an estimated 6 to 8 million people in the U.S., LGBTQ-plus youth, in particular, remain at greater risk of homelessness compared to non-LGBTQ-plus youth, and same-sex couples are more likely to be denied a mortgage loan compared to hetero-sex couples. This legislation takes key steps to codify existing protections for our LGBTQ-plus neighbors under civil rights statutes, including the Fair Housing Act and the Equal Credit Opportunity Act, and is similar to provisions included in H.R. 166, a fair lending proposal by Representative Al Green. My committee has convened several hearings on this topic, including one this week, about ongoing lending discrimination. I thank Representative Cicilline for authoring this bill and Chair Nadler for his leadership. I urge my colleagues to please support this important bill that will ensure equal access to housing and wealth- building opportunities for generations to come by expressly prohibiting discrimination on the basis of sexual orientation or gender identity.

Ms. WATERS

Ms. WATERS. Mr. Speaker, importantly, my committee will support our President's effort to roll out a comprehensive Federal plan to address the pandemic by considering how to bolster the authorities under the Defense Production Act to ensure our frontline workers have the medical equipment and supplies they need to fight this pandemic. Mr. Speaker, I am so pleased we finally have a plan for America.

Ms. WATERS. Mr. Speaker, I happily rise in support of this joint budget resolution for fiscal year 2021 to enact our President Biden's American Rescue Plan and provide urgently needed COVID-19 relief. Thank God for President Biden. We have been without a plan with a President who was busy trying to steal votes and abandon the American people when he knew that we were suffering. Communities across the Nation continue to suffer during this pandemic crisis. Congress has a duty to act and come to the aid of struggling individuals, families, and small businesses. Mr. Speaker, this is not about giving tax breaks to the richest people in America the way the past President and the Republicans are intent on always doing. President Biden's plan provides the relief that America needs so badly. The plan increases the stimulus payments to individuals in December to $2,000, adding $1,400 for every individual; extends enhanced unemployment assistance; and provides nutritional assistance to address growing hunger. Mr. Speaker, people are hungry all over America. They are hungry in the cities, in the little towns, in the rural areas. This plan provides nutritional assistance to address this growing hunger and includes $350 billion in funding for State, local, Tribal, and territorial governments. Mr. Speaker, as chairwoman of the House Committee on Financial Services, I have been sounding the alarm about the urgent need for emergency rental and homeless assistance during this crisis, as millions are at risk of losing their homes. They don't care on the other side whether families will be set out on the sidewalks with their children. The past President turned a blind eye to the fact that people have not been able to pay their rents since March. Mr. Speaker, pursuant to this resolution, my committee will quickly consider an additional $25 billion to support renters and their landlords, including by funding emergency housing vouchers, Tribal housing assistance, and rural housing. We will provide another round of funding for people experiencing homelessness, who are often the most vulnerable to the pandemic. Mr. Speaker, my committee will also quickly respond to the urgent needs of small and minority-owned businesses by establishing programs used successfully during the financial crisis to promote growth in the economy.

Ms. WATERS

Ms. WATERS. Madam Speaker, I rise in support of impeaching again the worst President in the history of the United States. Since his first day in office, this President has spent 4 years abusing his power, lying, embracing authoritarianism, and radicalizing his supporters against democracy. This corruption poisoned the minds of his supporters, inciting them to willingly join with white supremacists, neo-Nazis, and paramilitary extremists in a siege of the United States Capitol Building, the very seat of American democracy. The Republican Party is now the Trump party. And I want you to know that this is a Trump power grab that will not stop. It will not stop with attacking the Capitol and our State legislatures. This President intends to exercise power long after he is out of office. It is reported that the President of the United States watched the invasion of our Capitol from the Oval Office and seemingly enjoyed it. I want you to know we should be concerned that the Republicans will defend him, and he is capable of starting a civil war. He must be impeached. He must be stopped now.

Ms. WATERS

Ms. WATERS. Mr. Speaker, on January 6, 2021, domestic terrorists the President has empowered for years stormed the Capitol, desecrated the people's House, and threatened the lives of the Speaker, Vice President, and countless other Members and staff. None of us will ever forget that day. The invasion of the Capitol was not only foreseeable, it was inevitable because of the many years the President has spent fanning the flames of hatred and racism in our country. The facts are clear: The President rallied his supporters at the White House and then sent them to the Capitol to disrupt our democracy and overturn an election. I won't spend another second explaining why Donald Trump should have long ago been removed from office. Donald Trump showed us who he was from the very beginning. Too many people turned a blind eye, and, last Wednesday, our country paid the price.

Ms. WATERS

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-- 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 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. 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.

Ms. WATERS

Ms. WATERS. Mr. Speaker, I thank the gentlewoman for yielding. The relief in this bill is desperately needed, as families struggle during the pandemic crisis. The negotiations were difficult. They were tough. I wish we could have done even more, but I am pleased we have done as well as we could have done to provide relief for so many in desperate need for their government to come to their aid. As chairwoman of the Financial Services Committee, I am proud to have secured $25 billion in emergency rental assistance. We need much more. We also got an extension of the eviction moratorium and $12 billion in low-cost, long-term capital and grants to the minority depository institutions and the credit unions and the community development financial institutions. I thank Ranking Member McHenry, Chairman Crapo, and Ranking Member Brown for working with me on these provisions. I am so pleased that the legislation includes stimulus payments for families and individuals. Not enough, but I am pleased. I am also pleased it includes new funding for unemployment insurance. Not enough, but I am pleased. I am also pleased we have support for Los Angeles International Airport in my district and small business forgivable PPP loans. This bill will also expand the amount of PPP loans for which restaurants are eligible by a considerable amount. Let me be clear: Much more is needed, but this bill is a most important first step, and I am very pleased that we are able to come to the aid of all of our constituents. I thank Nancy Pelosi for the tremendous job that she did in negotiating to get us to this point.

Ms. WATERS

Ms. WATERS. Mr. Speaker, the COVID-19 pandemic crisis continues to have a terrible impact throughout the Nation. Cases are surging, and thousands are dying from the virus every day. There have been over 16 million United States cases, and over 300,000 people have lost their lives in the United States. Over 20 million people across the country are collecting unemployment and struggling to make ends meet. In California, more than 1.3 million people have become unemployed over the past year. Hunger is growing across the Nation. One in five renters is behind on paying their rent, meaning that millions are on the brink of eviction as months of back rent are coming due. The Federal Reserve estimates that renters in California will owe $1.7 billion in unpaid rent by the end of the year, representing almost a quarter of the total rental debt that will have accrued nationwide during the pandemic. Small businesses are struggling. As many as one-third of small businesses, including more than 40 percent of Black-owned and Latinx- owned small businesses, say they will be forced to close their doors for good without immediate relief from Congress. Families across the country desperately need relief. So, it is absolutely essential that Congress finally come to a bipartisan agreement for a relief bill. As Democrats are nearing a compromise with our Republican colleagues, we must ensure that the legislation helps all of those who are struggling during this pandemic. It is especially important that the relief bill contains another round of direct stimulus payments for individuals and families to help them make ends meet. We must also provide additional unemployment assistance to those who have lost their jobs as a result of the crisis. As chairwoman of the House Financial Services Committee, I am working hard to secure the inclusion of much-needed emergency rental assistance in the bill and the extension of the eviction moratorium, as well as funding for community development financial institutions and minority depository institutions that support access to credit and investment in communities of color, which have been hit hard by this crisis. As this pandemic continues to rage, it would be completely irresponsible and foolish to take away the Federal Reserve's and the Treasury's crisis management tools that can help address threats to jobs, small businesses, municipal government, and the economy. Let me be clear that the compromise bill that is now being worked on, while important, will not be enough by itself. Families across the country will need more help. Congress must work with the incoming Biden administration to take additional action to support those who are struggling every day and put the country on a path to recovery.