Schumer Touts Provision of Stimulus Bills That Blocks Trump Businesses From Getting Loans
The $2 trillion stimulus bill may not have everything Democrats want in it, and that is OK, according to Senate Minority Chuck Schumer (D-N.Y.). “It is a good bill, does it have everything we need? No,” Schumer said in…
The $2 trillion stimulus bill may not have everything Democrats want in it, and that is OK, according to Senate Minority Chuck Schumer (D-N.Y.).
“It is a good bill, does it have everything we need? No,” Schumer said in an interview with CNN on Wednesday. He added, “This is the art of compromise, this is the art of coming together.”
While the bill has been stripped of many Democratic provisions Republicans balked at, Schumer said they were able to insert one provision designed to keep President Donald Trump’s businesses — or businesses owned by members of Congress or the administration — from receiving grants or loans from the bill.
“We wrote a provision. Not just the President, but any major figure in government — Cabinet, Senate, Congressman — if they or their family have majority control, they can’t get grants or loans,” Schumer said.
He added, “And that makes sense, those of us who write the law shouldn’t benefit from the law.”
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Schumer’s comments come two days after The Washington Post reported that the Trump Organization closed six of its most profitable properties due to restrictions imposed to help stop the spread of the coronavirus.
The move comes as several other hotel chains announced that they would furlough tens of thousands of workers as the hospitality industry is expected to see a massive drop off in revenue, with millions of Americans being ordered to stay home and avoid non-essential travel.
The Post reports that the Trump Organization did not respond to questions as to whether it would seek aid from the government to help weather the financial downturn.
Additionally, on Sunday, when asked if his company would seek assistance, Trump said, “I have no idea.”
Congressional Democrats had previously raised concerns about a portion of the relief that set aside $500 billion to help businesses suffering because of the coronavirus restrictions.
They argued the bill should have stronger oversight regarding how that money is distributed to businesses, and they fought for and got the provision regarding businesses owned by government officials.
The massive stimulus package is expected to be voted on in the Senate on Wednesday. It would then go to the House of Representatives, and, if passed, then to the president for his signature.