House Minority Leader Kevin McCarthy (R-California) hailed the CARES Act as an enormous achievement and a stepping stone to reopening America but warned that there is still work to be done on Capitol Hill.
On Tuesday, during the Big “I” Virtual Legislative Conference, House Minority Leader Kevin McCarthy (R-California) hailed the CARES Act as an enormous achievement and a stepping stone to reopening America but warned that there is still work to be done on Capitol Hill to help Main Street.
“To fully get us on a path to a great American comeback, we should work with President Trump to undertake a massive deregulatory agenda reforming outdated, one-size-fits-all rules that hamper our ability to recover and rebuild,” Rep. McCarthy (pictured above) said.
“We should also pass robust liability protections because no business owner or employee should be dragged into court for simply doing what is right,” he continued. “As members of America’s premier association of independent agents and brokers, you know that one-size-fits-all rules are actually one-size-fits-none roadblocks.”
In late March, the U.S. Senate passed the CARES Act. The comprehensive legislative package used the full resources of the federal government and provided $2 trillion in support for businesses, individuals and families, the healthcare system and the U.S. economy. One of the key elements of the bill was the provision of $350 billion in small business loans via the Paycheck Protection Program. In April, another $310 billion in funds was made available to businesses.
Rep. McCarthy remarked that Americans are already witnessing “incredible progress” from the legislation and the PPP, which he likes to call “the Marshall Plan for Main Street,” paying homage to the U.S. economic support that the U.S. provided to Europe following the devastation after World War II.
“Today, our country is facing another era-defining trial: COVID-19. Every American is feeling the pain and anxiety of this unparalleled disruption to normal life. But there’s no question that we will overcome this challenge and we will overcome it together,” Rep. McCarthy said.
The PPP has handed “a crucial lifeline for workers, families and small businesses,” Rep. McCarthy continued. “Thanks to common sense cooperation between Congress and the Trump Administration, over 30 million jobs were saved in the program’s first few weeks. Time and time again it has made the difference between a paycheck and a pink slip.”
Amid the pandemic that has cost both lives and livelihoods, Rep. McCarthy reserved praise for independent agents and brokers, acknowledging that they are uniquely positioned to help reopen America.
“Your business is built on the idea that economic security comes from connecting individuals with plans that work best for their unique needs,” Rep. McCarthy said. “As essential businesses, your effort, dedication and sacrifice not only keep your doors open, you keep others doing the same.”
“Your Main Street’s recovery from the virus under this administration will be like never before. History will show that you played an invaluable role in making the recovery a reality,” he said. “You truly embody what is best about America—thank you. You deserve a Congress that works for you, not one that plays politics with a pandemic.”
Rep. McCarthy concluded his address with a quote from William Jennings Bryan, the great Nebraskan orator, who said, “Destiny is not a matter of chance. It is a matter of choice. It is not a thing to be waited for. It is a thing to be achieved.”
“Bryan’s words are true today. Restoring the American Dream is a choice and will take all of us working together to achieve it,” Rep. McCarthy added.
Will Jones is IA managing editor.