Donate search
close
Listen Now The Erick Erickson Show streaming live arrow_right_alt close

Share

  • Facebook
  • Twitter
  • send Email
  • print Print

“Needs More Cowbell!” House Democrats pledging to pursue up to FIVE rounds of COVID-19 stimulus

by Resurgent Insider Read Profile arrow_right_alt

A source in close contact with members of the House Financial Services Committee has shared exclusive details with the Resurgent of House Democrats’ plans for ongoing “stimulus” bills in response to the COVID-19 pandemic.

Congress has already pursued three coronavirus relief bills.

However, House Democrats want to pursue a minimum of an additional two COVID-19 bills that are “more policy focused.”

It is not yet clear what that means in practice, but given chatter amongst members of the House Financial Services Committee, it almost certainly means some sort of financial institution bailout and/or regulation package.

An analysis conducted yesterday of legislation that House Financial Services Chairwoman Maxine Waters was working on indicated that in future COVID-19 packages, House Democrats would pursue “significant limitations on debt collection and repayment, including a ban on using a bank account to collect a debt,” the “invalidation of arbitration agreements,” and what appears to be a bailout for any lender in the financial system that suffers losses related to a borrower’s failure to repay while the crisis plays out.

There is also a proposal from the left wing of the Democratic Party that is reportedly opposed by mainstream Democrats to include in future COVID-19 legislation a permanent ban on any loans containing interest rates in excess of 36 percent.

A bailout for any lender in the financial system would likely be the biggest political problem for House Speaker Nancy Pelosi in moving such a package forward, but the measures related to debt collection and repayment as well as interest rate caps could massively restrict the availability of credit at a time when experts generally agree that more, not fewer, financing options are needed for individuals and small businesses to stay afloat.

Ultimately, these provisions and others, such as the arbitration proposal the motive behind which is undercut by the Consumer Financial Protection Bureau’s own data, could be culled from future bills.

But future bills there will be: The Hill reported on Tuesday that “On a marathon conference call with the House Democratic Caucus Tuesday afternoon, House Majority Leader Steny Hoyer (D-Md.) told lawmakers there will likely be a fourth and fifth phase of pandemic relief.”

So, House Democrats privately firming up that commitment today is not a surprise, and nor should be the appearance of more COVID-19 bills containing measures not directly related to the crisis.

Share

  • Facebook
  • Twitter
  • send Email
  • print Print

Advertisement

More Top Stories

Biden Accused of Sexual Assault by a Former Staffer

Stories like this one, a longtime accusation of rape, might get legs if the power brokers decide Biden is just too old and out to pasture to be a viable candidate in the general election.

NEW: Boris Johnson Tests Positive for COVID-19

UK Prime Minister Boris Johnson has tested positive for COVID-19. The controversial figure made the announcement on Twitter but says he is doing well and only experiencing mild symptoms.

De Blasio’s Church Threat Is Unconstitutional

Banning public gatherings in a crisis is constitutional. Keeping them closed afterward is not.