Cleaver, FSC Chairs Call For Stronger Response To Protect Americans As Coronavirus Spreads

(Washington, D.C.) –United States Representative Emanuel Cleaver, II (D-MO), Chairman of the Subcommittee on National Security, International Development, and Monetary Policy, along with House Financial Services (FSC) Chairwoman Maxine Waters and all Subcommittee Chairs, called for several actions to be taken by the administration and financial regulators, as health experts predict the coronavirus will continue to spread in the United States.

"No American should have to choose between their health and their home," said Congressman Cleaver. "As the coronavirus continues to spread and workers are forced/asked to stay home, it's important that Congress, the Administration, federal regulators, and financial institutions do everything possible to give workers the financial flexibility needed to keep our communities safe and livelihoods intact. That means extending payment deadlines, increasing access to credit, and offering forbearance on mortgage and loan repayments."

In several letters to the administration, financial regulators, and financial institutions, Cleaver and the Subcommittee Chairs called for:

• The Securities and Exchange Commission (SEC) to "protect investors and the American financial system by requiring public companies to fully disclose, in detailed statements to investors, their exposures to risks related to coronavirus 2019." You can find the official letter here.
• The SEC, Department of Justice (DOJ), and Federal Bureau of Investigations (FBI) "to protect investors and be vigilant against fraudulent investment schemes in connection with the coronavirus 2019." You can find the official letter here.
• The Federal Reserve, Federal Deposit Insurance Corporation (FDIC), Consumer Financial Protection Bureau (CFPB), Comptroller of the Currency, and National Credit Union Administration (NCUA) to "provide a detailed description of how [federal] agencies are implementing your guidance to encourage regulated entities to be flexible and responsive to the needs of their customers, including how you are encouraging a wide range of forbearance options for those who may experience temporary financial hardship." You can find the official letter here.
• The Department of the Treasury and the Financial Stability Oversight Council (FSOC) to "provide us with a detailed list of actions FSOC and its member agencies are taking to be responsive to this crisis and mitigate any potential threats these developments may cause to financial stability and the economy." You can find the official letter here.

Today's letters come following Chairman Cleaver's call last month for an impact report and response plan from the administration and financial regulators as the coronavirus advanced around the globe. You can find last month's letter here.

Emanuel Cleaver, II is the U.S. Representative for Missouri's Fifth Congressional District, which includes Kansas City, Independence, Lee's Summit, Raytown, Grandview, Sugar Creek, Blue Springs, Grain Valley, Oak Grove, North Kansas City, Gladstone, Claycomo, and all of Ray, Lafayette, and Saline Counties. He is a member of the exclusive House Financial Services Committee; Chairman of the House Subcommittee on National Security, International Development, and Monetary Policy; member of the Select Committee on the Modernization of Congress; member of the Committee on Homeland Security; and a Senior Whip of the Democratic Caucus. For more information, please contact Matthew Helfant at 202-225-4535 or Matthew.Helfant@mail.house.gov A high-resolutio photo of Congressman Cleaver is available here.