In this report, we assess the financial policy implications of today’s Senate Banking hearing at which discussion also ranged over unemployment insurance, business liability protections, and other hotly-contested issues debated ahead of the next COVID-relief package. During the hearing, Republicans led by Chairman Crapo (R-ID) and several senior Democrats again called for wider access to the Main Street Lending Program and Municipal Liquidity Facility at more favorable terms. Democrats also demanded increased support for states and municipalities through direct grants, a demand to which Sen. Crapo is also open. Saying that the pandemic has hit black and brown communities the hardest, Ranking Member Brown (D-OH) called on Congress to address systemic racism by remedying wealth inequality and ensuring that all Americans are treated fairly.
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