100 signatures reached
To: FDIC Chair Jelena McWilliams
Stop the spread of COVID-19 with a Mortgage and Rent Bailout
We’re calling on the FDIC to take action through the Community Reinvestment Act [https://www.ffiec.gov/cra/history.htm] to:
• Require all banks to give homeowners across the US a 90-day grace period on their mortgage payments;
• Pressure banks to subsidize rent payments, for any US resident or US based small business who applies for a rental subsidy in a Corona-Virus affected area; and
• Make FDIC insurance for banks contingent on their participation in these programs
The CRA exists to meet the credit needs of the entire community, and we know huge numbers of people in the US are already losing wages because of Coronavirus and more may yet lose wages because of the slow rate of action on paid sick leave that we are seeing in Congress. We cannot self quarantine if we cannot keep our homes.
• Require all banks to give homeowners across the US a 90-day grace period on their mortgage payments;
• Pressure banks to subsidize rent payments, for any US resident or US based small business who applies for a rental subsidy in a Corona-Virus affected area; and
• Make FDIC insurance for banks contingent on their participation in these programs
The CRA exists to meet the credit needs of the entire community, and we know huge numbers of people in the US are already losing wages because of Coronavirus and more may yet lose wages because of the slow rate of action on paid sick leave that we are seeing in Congress. We cannot self quarantine if we cannot keep our homes.
Why is this important?
The most effective way to stop the spread of Coronavirus is for all working people to be able to stay home. Unfortunately, economic pressures, not the least of which is housing, force workers, even when sick, to continue to go to work every day.
For this reason, we insist that ALL people in this country are empowered to practice social distancing and self quarantine as soon as possible. To make that possible, we must relieve economic pressure that forces people to go to work sick. The surest way to do this is through mortgage and rent suspension for families, individuals and small businesses. This is how we #FlattenTheCurve [https://www.vox.com/2020/3/10/21171481/coronavirus-us-cases-quarantine-cancellation].
UPDATE: In a major intervention into financial markets, the Fed will inject $1.5 TRILLION dollars. It’s a move designed to prevent a sharper economic contraction than what may already be underway. It's time to bail out the people, not the banks!
For this reason, we insist that ALL people in this country are empowered to practice social distancing and self quarantine as soon as possible. To make that possible, we must relieve economic pressure that forces people to go to work sick. The surest way to do this is through mortgage and rent suspension for families, individuals and small businesses. This is how we #FlattenTheCurve [https://www.vox.com/2020/3/10/21171481/coronavirus-us-cases-quarantine-cancellation].
UPDATE: In a major intervention into financial markets, the Fed will inject $1.5 TRILLION dollars. It’s a move designed to prevent a sharper economic contraction than what may already be underway. It's time to bail out the people, not the banks!