Transcripts For CSPAN2 Hearing On Economic Recovery During C

CSPAN2 Hearing On Economic Recovery During Coronavirus Pandemic - PART 1 July 12, 2024

The committee will come to order. The church is authorized to declare at any time. Before we begin todays hearing, remind members of a few matters including some by the regulations Accompanying Health resolution 965 which established framework for Remote Committee proceedings. First, ask members to keep themselves muted and they are not being recognized. This will minimize disturbances while numbers are asking questions about witnesses. That is been instructed not to meet members expect except there being recognized there is an important background noise. The numbers on the platform are reminded they may only attend one hearing at a time so if youre participating today, please remain during the hearing. Try to avoid come inandout of the meeting, particularly during the question period. If you wish to be recognized, the chair recommends members identify themselves by name. I would also ask you to be patient as the chair proceeds, given the nature of the online platform, the committee has used in addition, the chair wants to the members participating in person in florida in the hearing room, the chair has a duty to protect the safety of the members. The attending physician provided the following guidelines. U. S. House of representatives meetings in limited and closed space such as a committee for greater than 15 minutes, face coverings arent required. Accordingly, the chair will treat wearing fast as a matter of order and all members should wear a mask. The chair has asked members to wear a mask even while im recognized. Members who dont wish to wear a mask, they can participate in virtually. His hearing is entitled, the heroes act providing strong economic recovery for covid19. It will not recognize myself for five minutes to get an opening statement. Sixty days ago, half past heroes act to provide relief to families that is so badly needed in the midst of this ongoing pandemic crisis. Since that time, the pandemic has continued to search, more than 140,000 americans have lost their lives to covid19. There have been more than 3. 8 million cases across the country, tens of thousands of new cases are emerging every day. Hospitals in the red zone are facing shortages again of personal ppe. Wait times for both tests and test results are unacceptable. The administration is squandering the authorities of the defense provision act that 700 million on the table that could be used to boost production of critically needed medical license and equipment. The heroes act both in the dca to address the shortages, enhances its ability to navigate the complex of different states to ensure the needs of the American People are much. We need these changes now. In addition, federal state and local eviction and foreclosure bands are expiring is 36 of renters are unable to pay. At the end of june, two homeowners have entered forbearance. To make matters worse john 25th, extended Unemployment Insurance, 40 of all renters are unemployed. The heroes would, among other things, provide hundred billion dollars for renters, 75 billion family house the pandemic. Most businesses have been hit hard, for the retailing is close between february and april black owned businesses were hardest, 41 . The committee hard to ensure all petitions, including depository Institutions Community Development Institutions accept federal lending programs, Paycheck Protection Program important, the heroes act extends the ppp through december and includes carveouts to ensure the smallest businesses receive funding, provide 1 billion to the cfi fund and expand the feds main street to provide a lifeline during the crisis. Despite the fact families and Small Businesses need for relief, the senate has done nothing to advance the heroes act or any other significant Coronavirus Response legislation. I asked the reporter, roscoe was the end of the month, Mitch Mcconnell reportedly lost and said no. We are at the end of black owned businesses as we know it. Theres nothing about any of this. It provides critical relief and protection from interest, homeowners, experiencing, control, businesses businesses Financial Institutions territory, tribal and local government. We must not repeat the mistakes of the past. The 2008 financial crisis resulted in millions of homes, targeted with bearing the brunt. In street did not get bailout big businesses did. During this crisis, the stock market has recovered from his early pandemic losses, largely because of compton trillions of dollars, families are suffering through no fault of their own, we must leave them behind. I now recognize Ranking Member of the committee, from north carolinait. Out to thank our witnesses for taking the time participate today and ill just say this, the hearing is a waste of time. People are losing their jobs and worried about keeping their homes in less than 48 hours, americans are facing benefits coming to the end. Remember this day, this is the day in the middle of a crisis as we speak toward another disaster will two months ago already past house and some hunting but dont take my word for it, lets use the words come from this committee is dead and in the courts, not mine, they say not a good look in a time of National Crisis to act in the partisan way voted against this bill about this hearing today is political, they call it a political waste. A partisan deadlock measure, dead and major loaded with particle wish list items unrelated to the Public Health and economic crisis facing the country. These are three of this committee and this is the hearing today about a blow they voted against two and a half months ago. Americans dont want petty partisanship, they want action and results. Every time we waste time, every moment we waste on site showed like this, are there for a full hearing and yet we are doing this. Global health continues to wreak havoc in our communities. No 18 million americans are unemployed today, 30 million receive assistance, schools are closed, parents are struggling, hospitals are challenged. This crisis, we pass a bipartisan bill called cares act, was the right response time. Lets do that again with added benefit of real data and facts to guide us in the Decision Making process for the policy outcome the american and deserve. For many workers this package equals 150 to two 100 of the usual earnings. The struggle to survive and compete with worker assistance to that at a high level lose sight of the fact that businesses dont survive, there will be no jobs for workers to come back to so well actually use that data for the next stimulus package . My opinion, and shows how American People want to get back to work and pray part of our patients recovery need to know how we can build Better Technology driving innovation, job Training Programs and ensure a strong successful recovery. We will need the support hearing about the past two and a half is not the right one spend our time the little time we have together asking the questions looking for solutions for the American People what they want and need. I asked my friend, is it worth it to continue pushing for you know you will never get done . The passage of reasonable policy. Doing stunts like today, another minute, another hour, another day wasted, not serving the American People. Sunday morning, Many Americans and families will be dire, they are worried, concerned. The me and where i began. Committee republicans to work across the aisle to protect employees, Small Businesses, families and commanders. Now more than ever, compromises that are necessary to get our nation back on track. I want to think of witnesses for the participation and for members adhering to social distancing norms and participating however in these discussions. I yield back. Thank you very much. How do think all members participating today, working on behalf of the people, this pandemic, this is not a waste of time. Want to welcome madam chair, can i make an inquiry . My question is, maybe its my laptop or maybe i missed instructions but i can hear you and mr. Mckinley but i dont see you. Maybe it is me but did i miss something . I will welcome our distinguished panel of witnesses. Sean donovan, former secretary of housing and urban development as well as the director of the office of management and budget. Robert was currently professor of Public Policy at the school of Public Policy, university of california berkeley and previously served as secretary of the department of labor junior who is chairman, ceo and chief Investment Officer and finally, mr. Stephen davis who is a labor economist and currently william h professor of International Business and economics at the university of chicago. Without objection, your statements will be made part of record. You will each have five minutes summarize your testimony. When you have 100 meaning, you will appear on the display. I to wrap up your testimony at the time to be can be respectful of the other witnesses and the committees and members time. You are now recognized five minutes to present testimony. Please unmute. Chairwoman water, member mckinley, thank you for inviting me to testify. I appreciate the opportunity to discuss the desperate need for the help for families and communities hardly covid19. I will focus primarily on housing, also discussed other critical needs of the crisis. During my career of Public Service is having secretary and budget director for president obama, ive helped families and communities 9 11 sessions, and numerous other national and manmade disasters. These disasters share unfortunate characteristics. Those most vulnerable before the crisis were hurt the hardest by the prices themselves. As weve seen in tragic terms, people of color, seniors, people with disabilities and other groups are disproportionately likely to get sick or die during this crisis and suffer from the economic harm it inflicts even if reality is Critical Congress not only direct assistance to a broad group of families and Small Businesses but also Housing Assistance to the most vulnerable to help them recover from the damage. What is more, unequal housing in neighborhoods. Segregation contributed to the wide disparities in the creation opportunity between black and white only must be part of the Economic Impact of 19. America can predict the child to remedy this injustice and build a fair more inclusive nation. Before the pandemic of almost 600,000 people experienced homelessness on any given night and almost 11 people paid for the 50 of their income on rent. The Current Crisis is showing unmistakable signs of deepening americas homelessness and housing crisis. Workers have been critically hardhit by covid19 as many of the job losses are heavily concentrated in decrees that pay low average wages. Many of these workers struggling with high housing costs and low income before the crisis hit and now little or no financial cushion to fall back on. We must provide assistance families and millions of children that live in households behind on rent choices between buying enough to eat, medicine and other necessities for paying rent or mortgage to avoid eviction and even homelessness. We must remember because covid19 remains a growing threat across so much of the nation, providing adequate resources to these lowincome families not only protect them but also protect Public Health by ensuring he did not return to workplaces prematurely and contribute to the spread of the virus. Its also critical to recognize early evidence suggests measures included in the act and cares act are working. This includes extended Unemployment Benefits, direct stimulus plan, increased witticisms and eviction moratoria for most subsidize properties which helps families pay their bills. In my test that clearly demonstrates this assistance is a powerful effect on helping show income families. Let me turn to what congress should do next. While resources provided are working, congress did not anticipate the health and economic crisis would last as long as now projected. Many in the coming extended we know from past recession, even if the Health Pandemic and in 2021, slow and has a costs are typically low income families largest expense of people already are expanding homelessness for a good response to covid19, combination to help address short and longterm needs, approach is needed to but fiction and other hardship among renters during the pandemic. In particular, the federal response should target resources to three populations, those currently expanding homelessness, those at risk the household that will need longer term help to remain i congratulate you for your leadership on this critical legislation. Thank you very much. Thank you. I would also add that i have additional provisions beyond housing included in my written testimony. Thank you. Secretary, you have five minutes for your testimony. Thank you, i dont think i have to emphasize to any of you the seriousness of the dual crisis facing the u. S. Not only the worst Public Health crisis more than century of also the worst economic crisis in emerging from a Public Health crisis in more than 70 years. All of the rhetoric cannot substitute the fact that we are talking about real not just hundreds of thousands of americans the number of millions of americans. Three particular issues ive been focusing on in terms of my background and expertise, covid19 response, the First Pressing task is to contain covid19. It catastrophic sickness and death as well as economic consequences require what the country is capable of mustering. The economic recovery until the fire is contained. Other nations among them, tony, south korea, italy have contained the pandemic with comprehensive testing Contact Trace the isolation of those who test positive, the heroes revised 75 billion to free access to Coronavirus Support for hospitals and other providers. This is the least needed and continues to be used. Number two, the second most urgent task is to help people survive economically until the virus is contained. More than 1. 4 million workers filed new claims for state Unemployment Insurance benefits last week. The first increase in almost three months, in addition, 970,000 new claims from freelancers and parttimers, others dont qualify for regular state Unemployment Insurance benefits, their pain is very broad and the economic crisis is not going away, if anything, evidence shows economy is worsening, expanded Unemployment Benefits are set to expire eight days. At least 21 million americans with 50 income reduction because they would have to fall back on state Unemployment Insurance without the extra federal benefits more out entirely. I want to also emphasize the secretary donovan exercise, 32 of americans have missed their july housing payments. This is rent but also, more than a third americans for the data i have, also missed their mortgage payments. The degree of this crisis is 5. 4 million americans have lost employerprovided Health Benefits between february and will have good data beyond me but we know its also part of the crisis. 600 payment should be continued at least to the end of the year. They are absolutely critical. There are some policymakers and members concerned they have discouraged payments, people from seeking jobs that is highly unlikely given the few jobs that are available and also given the size of the economic collapse a little bit of extra money and peoples pockets is good for the economy will turn around and spend that money and the spending power has been critical functioning, continuing to seems to be working, the extra 600 payment should be continued the end of the year only, i want to emphasize state and local seem to be hit with massive shortfalls. They are estimated to be at least 555 billion over the next three state is going years and without substantial federal aid, likely to require deep spending cuts and layoffs of people most responsible for the health and education of people imperiled by the pandemic. The heroes act provides nearly 1 trillion, which is minimal. The committee will have put this the public. Thank you very much. Your time has expired. Thank you so very much. Mr. Rogers, your five minutes to present your oral testimony. Chairwoman waters, member and members of the committee and staff, you for inviting me. My honor to testify before the subcommittee one year ago and i want to thank chairwoman or her leadership. Today for one message, pioneer entrepreneur effort oklahoma, this is many white families, imagine what wall street would be like today. Think about the millions of lives lost, lives in physical, the weight of jim crow redlining and racism and because of economic inequality thats clear. You realize between illegally, legally outlawed. While the cap stroke in 1947, its now wider than in 1950. Look at the revenue of the 353 largest chicago, there are no black will companies in the top 150. The pandemic has made these disparities worse according to research, the number of black businesses sank by 41 between february and april, more than double 17 . Most of these are low margins,. Theyre less likely to have significant savings for access to capital to stay afloat. Therefore, it is not a surprise when half of americas unemployed. These disparities are linked directly to

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