Rep. Maxine Waters, D-Calif., proposed a coronavirus relief plan Wednesday that would oblige the Federal Reserve to provide families with $2,000 for all adults and $1,000 for each child during each month of the pandemic.
The plan would also suspend consumer and small business credit payments, such as mortgages, car payments and student and personal loans, to allow people to weather the crisis.
“Low-income communities were already struggling before this crisis began and will likely be hit particularly hard by the coming recession,” said Waters, the chairwoman of the House Financial Service Committee. “This is an urgent public health crisis that has quickly harmed our entire economy, and it demands swift and bold action.”
The plan would also include $5 billion for emergency homeless assistance and $10 billion in community development block grants for communities to help vulnerable populations. Other initiatives would include prohibiting the repossession of cars, debt collection and the garnishment of wages during the crisis.
Many Americans have begun applying for unemployment benefits or have been furloughed as the economic impact of the virus continues. The White House is seeking to move forward with a $1 trillion coronavirus package to help Americans.
The Trump administration is seeking $250 billion in payments to Americans starting April 6, followed by another $250 billion cash payment round beginning May 18, according to the working draft of the plan obtained by Fox Business Network.
Congress and Trump already approved a $8.3 billion relief package to back the health care system. An $850 billion package is being negotiated between the White House and lawmakers that would help businesses and taxpayers cope with the financial fallout of the virus.
“Media reports have indicated that the Trump Administration plans to request upwards of $850 billion in aid for certain impacted industries,” Water said. “If true, it is apparent that this Administration is missing the point – families must come first. That is why I am proposing a bold fiscal stimulus package and public policy response that will benefit hardworking and vulnerable Americans who may face financial hardship or even eviction or foreclosure as a result of the coronavirus crisis.”
Fox News’ Marisa Schultz and Hillary Vaughn contributed to this report.