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Pelosi Says More Covid-19 Relief Needed After Trump Signs Current Stimulus
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December 22, 2020
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1:34Now PlayingHouse Speaker Nancy Pelosi said Monday that the current Covid-19 stimulus relief bill is only a "first step" toward a broader aid package for all Americans.
The Democratic head of the House Financial Services Committee said Congress will revisit a portion of the pandemic relief bill dealing with the Federal Reserve’s emergency lending authority if her party gains control of the Senate.
“I don’t like the way the language has ended up,” said Representative Maxine Waters, a Democrat from California.
Waters said Congress should rework a provision in the stimulus bill authored by Senator Pat Toomey of Pennsylvania and backed by other Republicans that would prohibit the Fed from restarting programs supporting corporate bonds, small and mid-sized companies, and municipalities, which are set to expire on Dec. 31.
The language was one of the last big holdups before an agreement on the relief plan was struck. Democrats agreed to a compromise that deleted language from Toomey’s proposal banning “similar” programs from ever being launched without congressional approval. While that allowed the broader measure to go forward, it didn’t fully resolve differences in how Republicans and Democrats view the Fed’s emergency lending authority.
Waters said the outcome of the runoffs for both of the Georgia Senate seats could determine whether there are the votes to address changing the Fed language. If Democrats manage to win both races on Jan. 5, the party would gain control of the Senate.
“The Congress of the United States can overturn that decision, and particularly if we get those two votes out of Georgia,” Waters said. “And I think we have to just overturn that decision and that language.” -- Daniel Flatley
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