Source: United States House of Representatives – Congressman Al Green (TX-9)
(Washington, D.C.) – On Monday, December 21, 2020, Congressman Al Green released the following statement on the passage of H.R. 133:
“Similar to my legislation – H.R. 6868, to establish a Community Capital Investment Program, H.R. 133 includes $9 billion to fund an Emergency Capital Investment Program (ECIP) administered by the Department of the Treasury. Funds may be used: (1) to provide direct and indirect capital investment in minority depository institutions (MDIs) as well as community development financial institutions (CDFIs); and (2) by eligible financial institutions to provide loans, grants, and forbearance to small businesses, minority-owned businesses, and consumers, particularly in low- and moderate-income (LMI) areas and underserved communities that may be disproportionately impacted by the pandemic’s economic effects,” stated Congressman Al Green after voting ‘YES’ to H.R. 133, the relief package and omnibus passed by Congress. “Repayment will be deferred for at least five years, and participants must maintain or significantly expand lending or investment activity to LMI minority communities.”
Congressman Green, who has been a strong proponent of MDIs and CDFIs for their work in often underbanked LMI communities, added, “I am enormously thankful for the inclusion of this language, and I wish to thank Financial Services Chairwoman Maxine Waters for her steadfast support of these vital institutions that serve so many communities that large banks would leave behind. It is because of Chair Waters’ advocacy and the dedication of the Committee staff that this critical program has been incorporated into this final legislative package of 2020.”
H.R. 133 provides a second round of direct economic relief payments, expanded unemployment insurance, $325 billion in small business assistance, $25 billion in rental assistance, a federal eviction moratorium, $13 billion in nutrition assistance, as well as paid sick leave for workers infected with coronavirus or impacted by school closures due to coronavirus.
Congressman Green concluded, saying, “While I am aware that this combined COVID-relief/omnibus package does not do nearly enough to eliminate the suffering that our nation is experiencing during this unprecedented crisis, I do believe this is a good faith effort to help remove some of the pain.”