Washington, D.C.—Today, Congressman Don Beyer (D-VA), Vice Chair of the Joint Economic Committee, issued the following statement in response to the emergency action taken by the Federal Reserve:
"The Federal Reserve’s bold move underscores the economic threat to the global economy posed by the spread of the coronavirus. Congress will need to build on the step taken by the House on Friday with additional fiscal stimulus to support workers impacted and to bolster the economy.
"We will need to identify the most efficient ways to get money to in the hands of those who will need it most—low-income households—who are also most likely to spend it. In only three days we’ve gone from considering whether we are facing a recession to a sole and correct focus on reducing the severity of a coming recession.
"The House, as it should be, is already working on the third phase of the response. Congress needs to go big and go fast. We need to do everything we can to avoid a recession like that of 2008."