Patterson Proposes Debt Suspension to Help Americans Weather COVID-19 Crisis

Patterson
Patterson Proposes Debt Suspension to Help Americans Weather COVID-19 Crisis

For Immediate Release – March 19, 2020

 

Ocean City, NJ – Conservative Republican Bob Patterson, (NJ-02) urged Congress to pass legislation giving Americans immediate relief to weather the economic turmoil brought on by coronavirus.

Specifically, Patterson called on Congress to pass legislation allowing every American to take a three-month holiday on mortgage payments, car payments, and personal loans — all free of interest and penalties. The three months of suspended payments, which could be extended if the crisis persists, would be tacked on to the current end of the loan terms.

The same three-month holiday would also apply to credit card debt — also with no interest accruing — but with the added feature of capping the interest rate at no more than four percent through the end of the year.
An orderly moratorium on debt will prevent a massive default on mortgages, auto loans, and personal loans, and the accumulation of credit card debt.

“Hardworking Americans are hurting badly, and it’s incumbent upon Congress to act – and act quickly,” Patterson said. “As the economy grinds to a halt, Americans need relief to weather the storm.

“As I talk to families, farmers, and small business owners across South Jersey, they are feeling the pain of this crisis acutely. Since banks are now benefiting from the Fed’s near-zero percent interest rate, the banks should pass on those benefits to hardworking Americans.

“For the long-term, Congress also needs to take steps now to move entire lines of production – especially for vital supplies and medicine – out of China and back home to America. Such a shift would not only revive our neglected manufacturing sector and create millions of jobs, but also restore our capability to ramp up production at times like this. This crisis underscores just how dangerous our reliance on foreign powers has become – and the imperative of President Trump’s commonsense ‘America First’ agenda.”

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