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Financial Protections and Assistance for America’s Consumers, States, Businesses, and Vulnerable Populations Act

Introduced: March 23, 2020 Introduced by: Waters, Maxine Democratic · California See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 23, 2020
Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, Education and Labor, Small Business, the Judiciary, and Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Mar 23, 2020
Introduced in House
 Plain-English summary Congressional Research Service

Financial Protections and Assistance for America's Consumers, States, Businesses, and Vulnerable Populations Act

This bill responds to the COVID-19 (i.e., coronavirus disease 2019) emergency and generally provides for financial assistance and other aid to individuals, businesses, and state and local governments for the duration of the emergency period. Among other things, the bill

  • provides direct payments to individuals of up to $2,000 a month, subject to limits based on adjusted gross income;
  • establishes digital wallets for individuals without bank accounts to receive such payments;
  • provides for the suspension of specified housing and consumer loan payments, evictions, and foreclosures;
  • creates financial assistance programs regarding housing, student loans, and utilities;
  • establishes credit programs for small businesses, nonprofit organizations, farms, independent contractors, minority depository institutions, and community development financial institutions;
  • authorizes funds for housing assistance, elderly assistance, and emergency production of medical supplies; and
  • provides for investigation, oversight, and other requirements regarding COVID-19 aid.

The bill also modifies existing provisions, including those regarding

  • deposit insurance for transaction accounts,
  • Federal Reserve Board purchases of municipal bonds,
  • stock buybacks,
  • required disclosures by issuers of securities,
  • international aid programs, and
  • agency guidance concerning pandemics and major disasters.
What's happening now March 23, 2020

Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, Education and Labor, Small Business, the Judiciary, and Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

 Committees of jurisdiction 6