Every federal agency must dedicate all regulatory resources to addressing COVID-19 and the enforcement of rules meant to protect public health, consumers, investors and retirees, and the integrity and stability of the markets. The pursuit of any non-crisis-related rulemaking would be a misallocation of limited resources that distracts needed focus from U.S. public health and welfare, and financial stability.
Corporate and Wall Street titans have used the coronavirus crisis to grab windfalls as a price for putting desperately needed resources into health care and helping people facing acute distress after losing jobs and income. The Trump administration and too many members of Congress actively promoted this terribly unbalanced approach to a public health emergency. The federal government – Congress and the executive branch – must move swiftly beyond what is in this legislation to help struggling people, families and communities in a just and inclusive manner. More needs to be done to respond to this crisis.
The recommendations below are focused on direct relief for consumers and individuals with debt burdens, which should be in addition to other efforts to provide broader fiscal relief and to support small businesses.
FOR IMMEDIATE RELEASE March 26, 2020 CONTACT: Alexis Goldstein, firstname.lastname@example.org The CARES Act fails to provide sufficient relief to federal student loan borrowers Statement from Alexis Goldstein, Senior Policy Analyst, Americans for Financial Reform: The 43 million federal student loan borrowers are not getting meaningful
Letter to HUD asking for needed protections for reverse mortgage borrowers facing challenges due to COVID-19
Joint Letter: 47 Organizations Urge Regulatory Agencies to Suspend All Non-Coronavirus Related Rulemaking Until National Emergency is Over
AFR Education Fund and 46 other organizations sent a letter to regulatory agencies urging them to suspend all non-COVID-19 rulemaking activity. Public advocates and regulatory agencies should focus all resources on responding to the public health emergency and the economic crisis.
This major crisis demands a massive and swift response, but it must focus first on health care, and then on easing the burdens on everyday people, communities, and small businesses who are hardest hit. The McConnell proposal falls far, far short of what the situation demands.
AFR Education Fund and 46 other organizations sent a letter to regulatory agencies requesting extensions of all public comment periods during the COVID-19 emergency.
State and local governments are the main providers of basic public services in the U.S. They are on the front lines of combating the Covid-19 pandemic, the most serious public-health threat in a century. But it’s unlikely these governments will have the funds they need to fight the epidemic properly unless Congress acts to require the Federal Reserve to expand state and local fiscal powers.
The COVID-19 pandemic requires an aggressive economic response that creates the best possible conditions to preserve public health and helps individuals, families, and communities weather the disruptions that efforts to contain the pandemic require.