Submitted by State Rep Steve Meskers (D-150)
We at the moment are within the midst of a defining disaster of our lifetimes. The financial prices will eclipse these of the monetary disaster of 2008. The well being prices, at each a person and societal stage, will likely be even larger. We will likely be examined and we’ll persevere by means of our mutual sacrifice.
So as to be certain that People have jobs to which to return when this pandemic abates, it’s important that Federal Authorities help the non-public sector at the moment of most stress. In response to the 2008 meltdown the US Treasury created the Troubled Asset Reduction Program, in any other case referred to as TARP. This program gave the [US Treasury/Federal Government] an possession stake within the companies which straight benefited from authorities help and funding. Banks, insurance coverage corporations, and automakers have been among the many beneficiaries.
This time, as we decide the way to greatest help the companies which help our financial system we must always not lose sight of the truth that the cash being invested is that of the taxpayer.
Taxpayers must be those capable of reap the rewards when the financial system bounces again and never solely the companies. To this finish, I’ve proposed to our federal representatives that any all credit score/loans and help supplied by the federal government create lengthy dated warrants and or non-voting frequent or most popular shares and that these property arising from our help be positioned in a Social Safety belief fund. This may guarantee that the tax payers profit from our mutual sacrifice.
The beneficiary of this coming restoration, and our monumental funding, must be the Social Safety belief fund.