House Financial Services Committee Holds Hearing on COVID-19 Stimulus

The House Financial Services Committee held a remote hearing, “More than a Shot in the Arm: The Need for Additional COVID-19 Stimulus,” on February 4. Witnesses included Clarence Anthony, CEO and executive director of the National League of Cities; Derrick Johnson, president and CEO of the National Association for the Advancement of Colored People (NAACP); Janet Murguía, president and CEO of UnidosUS; Dr. William Spriggs, chief economist at the American Federation of Labor and Congress of Industrial Organizations (AFL-CIO); and Dr. Michael Strain, economist at American Enterprise Institute.

The witnesses offered testimony and answered questions about the current state of labor, housing, and rental markets, and the urgent need for emergency pandemic relief. In Chairwoman Maxine Water’s opening statement, she reflected on the disproportionate burden on housing insecurity on families of color:

“This is the first week of Black History Month. While there is much to celebrate and honor, we know that this pandemic has taken a particular toll on renters and homeowners of color. According to the latest census data, renters and homeowners of color are significantly more likely to be behind on their rent or mortgage, putting them at greater risk for eviction and foreclosure.  Before the start of the CDC's eviction order, researchers estimated that up to 40 million renters could face eviction. More recently, Moody's Analytics estimated that renters owe more than $57 billion in back rent, utilities, and additional fees.”

Watch the full hearing and read witness testimonies at: