Pelosi Statement on Federal Reserve Chairman’s Support for Urgent Economic Relief

May 13, 2020
Press Release

Washington, D.C. – Speaker Nancy Pelosi issued this statement after Federal Reserve Chairman Jay Powell restated his support for Congress to pass additional, urgent economic relief:

“The American people and experts agree that we must ‘Think Big’ to protect lives and livelihoods during the coronavirus crisis.  Not acting is the most expensive course.

“Today, the Chair of the Federal Reserve Bank restated the need for Congress to immediately pass further economic relief: ‘Additional fiscal support could be costly, but worth it if it helps avoid long-term economic damage and leaves us with a stronger recovery.  This tradeoff is one for our elected representatives, who wield powers of taxation and spending.’

“The Heroes Act delivers the strong, urgent response that this crisis requires: funding a science-based path to reopening the economy with testing, tracing and treatment, honoring our heroes with robust funding for state, local, tribal and territorial entities and hazard pay and putting more money in the pockets of workers and families.

“The staggering scale of this crisis demands historic action and extraordinary urgency.  Members of the House and Senate must work together and not stand in the way of the relief that the American people and the experts know is needed.  Families cannot afford to wait.”