Cleaver, Senior Members of Financial Services Committee Call for Administration Response Plan to Protect American Economy From Coronavirus

(Washington, D.C.) – Today, Financial Services Subcommittee Chairman on National Security, International Development, and Monetary Policy Emanuel Cleaver, II (D-MO), along with Financial Services Subcommittee Chairmen Gregory Meeks (D-NY), Al Green (D-TX), and Wm. Lacy Clay (D-MO), sent a letter to administration officials and financial regulators calling for an impact report and response plan to protect the American public and economy as the coronavirus advances around the globe.

In the letter, the lawmakers wrote: "Given the seemingly imminent nature of this threat sweeping through the U.S., it appears that the costs associated with this outbreak may reverberate throughout our economy, and every effort should be undertaken to insulate our citizens and their savings."

"As we've seen over the last two days, the coronavirus is a serious threat to not only the health of the American people, but the well-being of the American economy," said Chairman Cleaver. "If we are going to protect the public and their savings in the markets, we're going to need a collective and well-coordinated response from the federal government, which is why we're asking the administration and financial regulators to come to us with a plan of action that Congress can get behind. If ever there were a time to throw politics out the window, I think the threat of a global pandemic and a stock market in free fall would be it."

"The novel coronavirus is not only a health threat but an economic one as well. We need to be prepared for scenarios in which there are major disruptions to global markets. The administration and financial regulators must work in lock-step to model potential risks to the US economy and financial markets, and plan responses to ensure that American families do not once again suffer under the burden of an economic slowdown or financial crisis," Chairman Meeks said.

"There have been repeated assurances from the White House that the coronavirus is ‘contained' in the United States because it might dissipate on its own ‘as temperatures rise.' However, the scientific community - including experts within the Trump Administration – as recently as yesterday presented diametrically conflicting guidance. We need a sober assessment of the actual threat posed by COVID-19 (or 2019 novel coronavirus) to Americans, their finances, and our nation's economy. I eagerly await a prompt response to our urgent inquiry," said Chairman Green.

"The Corona virus is a potential public health emergency and could threaten our economic security as well. We need a coordinated response from both the administration and financial regulators that is based on sound science, sound financial stewardship and zero politics," Chairman Clay said.

You can find the full 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-resolution photo of Congressman Cleaver is available here.