Luetkemeyer on Fox Business’ ‘Mornings with Maria’ with Maria Bartiromo
Washington, April 24, 2020
WASHINGTON, D.C. – Today, Congressman Blaine Luetkemeyer (MO-03) joined Maria Bartiromo on Fox Business’ “Mornings with Maria” to discuss his role on President Trump’s Opening Up American Again Congressional Group and reopening the economy, as well as the second round of much-needed funding for the Paycheck Protection Program that was passed by Congress this week.
Click HERE to watch.
On second round of funding for the Paycheck Protection Program:
“Whether it be a hardware store or a chiropractor, those folks have been impacted and this is a lifeline to most businesses.
“74% of the loans were $150,000 or less. This is exactly the way this money was targeted. It was targeted to small businesses, and having the community banks get this money out. Now, it’s a government program, so sometimes there are going to be folks who sometimes are going to take advantage of that as we saw… I agree with the point that there are some folks who got it who shouldn’t. But if you look at it statistically, the money went where it needed to go and it’s providing the kind of support for our small businesses that they need.
“In my state alone, the first tranche and this second tranche are going to protect 1.5 million jobs… I think that’s worthwhile.”
On his role on President Trump’s task force to reopen the economy:
“Having been, and continuing to be on, the Financial Services Committee and the Ranking Member on the Financial Institutions Committee… my job is to continue to point out problems or areas where we can improve.”
“Number one is forbearance. I think it’s going to be very important for the regulators to have forbearance for the banks, for the banks to then be able to give forbearance to their customers.
“Second thing I think we need to talk about [is]… the troubled debt restructuring rule and CECL rule. We knew that they were procyclical, they didn’t work, they exacerbated a downturn, and as a result we’ve put them all on hold… They need to continue to be suspended.”