Pelosi’s $2.5 Trillion Virus Bill Delays Mortgage, Car Payments – By Erik Wasson and Laura Davison (Bloomberg) / March 23 2020
- House Democrats try to influence Senate stimulus talks
- Bill would extend $1,500 payments to retirees, unemployed
House Speaker Nancy Pelosi unveiled a $2.5 trillion virus economic stimulus plan in a bid to shape negotiations on a Senate measure that stalled on Monday, triggering a sell-off in U.S. equities markets.
Pelosi’s 1,400-page bill would have broad implications for the financial sector. It would force lenders to grant a temporary reprieve from mortgage and car payments and credit card bills. It would order the Federal Reserve to provide loan servicers with liquidity to allow borrowers to stop paying their mortgages for up to 360 days. Public housing residents would get a temporary reprieve from paying rent, and student loan borrowers would have $10,000 of debt forgiven.
Negative consumer credit reporting would be halted. Foreclosures and evictions would be banned.
There are currently no plans for House members to return to Washington to vote on the bill, and the proposal appears to be a list of demands Democrats want to see included in the Senate bill. Treasury Secretary Steven Mnuchin and Senate Democratic leader Chuck Schumer spent much of Monday negotiating behind closed doors on the Senate proposal, initially introduced last week.
“Secretary Mnuchin just left my office,” Schumer said on the Senate floor shortly after House Democrats introduced their bill. “We are going to work on into the night.”
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