The American Council for Capital Formation (ACCF) praised today’s passage of the $2 trillion stimulus package to immediately infuse funds to help stabilize America’s businesses and households that have been crippled by COVID-19. ACCF President and CEO Mark Bloomfield issued the following statement:
“The ACCF praises lawmakers from both sides of the aisle for coming together amidst this historic global crisis to help save the U.S. economy.
“Most importantly, the bipartisan stimulus package passed today provides substantial public health funding to assist hospitals, doctors and nurses on the front lines that are battling the coronavirus. The stimulus bill also wisely focuses on the immediate short- and medium-term needs of Americans — putting money directly in their pockets to help meet immediate financial needs. It also provides a lifeline to employers through expanded unemployment insurance, small business loans and assistance to critical industry sectors that have been crippled by the coronavirus.
“We are confident that many industry markets are resilient and will come back into balance in no time—without a federal bailout. However, there may be a role for temporary suspension of some regulations that can restrain immediate growth. After we control the pandemic, the White House and Congress should concentrate on infrastructure to help get the economy moving, promote free trade to help the world economy to flourish again.
“There is a long road ahead and we anticipate that this is one step of many more to come to help revive the economy.”