Congressman Horsford’s Statement on Federal Reserve Chairman Calling for Robust Coronavirus Relief
Washington, D.C. – As a member of the House Budget Committee, Congressman Steven Horsford (D-NV) issued this statement after Chairman of the Federal Reserve Jerome Powell publicly warned of severe and ongoing risks to the economy if a robust coronavirus relief package is not passed:
“We must pass significant COVID-19 relief legislation right now to avoid a health and economic catastrophe. As Chairman Powell stated, ‘The outlook remains highly uncertain, in part because it depends on controlling the spread and effects of the virus. There is a risk that the rapid initial gains from reopening may transition to a longer than expected slog back to full recovery as some segments struggle with the pandemic's continued fallout.’ said Congressman Horsford.
“Nevadans and all Americans need our support more than ever. We need relief legislation that tackles the health pandemic by providing robust testing, PPE, and additional safety measures for our frontline workers and those returning to work. It must also include health care coverage that provides federal assistance to cover the full cost of COBRA premiums for laid-off and furloughed workers, extend unemployment compensation, and provide additional support to our small businesses during this pandemic.”
Congressman Horsford also shares concerns about evidence that women and communities of color have experienced the economic brunt of the COVID-19 pandemic. Specifically, in his remarks, Chairman Powell stated, “The burdens of the downturn have not been evenly shared. The initial job losses fell most heavily on lower-wage workers in service industries facing the public—job categories in which minorities and women are overrepresented. Combined with the disproportionate effects of COVID on communities of color, and the overwhelming burden of childcare during quarantine and distance learning, which has fallen mostly on women, the pandemic is further widening divides in wealth and economic mobility.”
You can find a full transcript of Chairman Powell’s remarks here.