Committee on Finance
A RESOLUTION TO FULLY FUND OUR COMMUNITIES BY CANCELING WALL STREET
PAYMENTS
WHEREAS, the COVID-19 pandemic has created a crisis more sudden and far more dramatic than any previously in history; and
WHEREAS, to date the COVID-19 virus has no known cure or vaccine, and will continue to spread with no certain end in sight, requiring continued public health measures; and
WHEREAS, in a period of just six months, the COVID-19 pandemic has infected more than 6.8 million people and caused the death of more than 200,000 people in' the United States; and
WHEREAS, the COVID-19 pandemic has forced state and local governments to shut down businesses for weeks even months to protect everyone's health, with tens of millions of people losing their jobs within a period of weeks and millions more underemployed; and
WHEREAS, the COVID-19 pandemic continues to constitute an emergency that places essential workers at high risk for contracting the virus: Public sector employees, such as first responders, public health staff, sanitation workers, and safety net enrollment staff are among the many public employees saving lives, keeping communities safe, and ensuring that families have access to healthcare, food and roofs over their heads; and
WHEREAS, state and local governments are facing staggering budget shortfalls as economic contraction has reduced nearly all forms of government revenues, with the prospect of severe cuts to public services, painful layoffs and austerity measures on the horizon that will disproportionately impact Black, Brown and Indigenous workers and communities; and
WHEREAS, state and local governments are unable to predict the true scale of declining revenues, as costs rise sharply from business closings and rampant unemployment; and
WHEREAS, the public health and economic crises caused by the pandemic demand a robust safety net and the expansion of public services; and
WHEREAS, the imposition of austerity measures and service cuts w...
Click here for full text