Rep. French to MSNBC's Katy Tur: "We need to have more robust savings alternatives for families"

In my job in the oversight Commission, I'm gonna be looking at the strategy of Treasury and Fed to provide the resources for economic stability. Is it working. What's the best way to do that? How is it and my Commissioner fellow commissioners and I will be a hard at that as soon as we get a chairman, there's some of the Committee that have said that they wanna know how some of these bigger businesses have used the money that they're getting they wanna know detailed reports on is being spent why. You want that you've said that's not necessary now. I've never said that I said that the priority of the Commission will be to have a focus on the strategy of the Treasury and also to talk about the transparency and conducting that strategy, which includes transaction data. I've simply said that when we have the full Commission functioning, we'll meet with the Treasury and the Fed and design what that transparency and publicity strategy should be, but we can't do that in a vacuum got it will. Be okay with the company's buying back stocks. No companies are not permitted in buying back stock if they take one of the loans from the main Street facility or one of the other facilities that's being set up by the Treasury and the Federal Reserve. Let me ask you about the big picture here because there are a lot of of Americans who are really worried about not their jobs in particular, but the state of the economy if they don't lose their job great, but their neighbor might lose their job, Their estimates and unemployment could hit numbers. We haven't seen since the Great Depression. Do you think that Congress has its arms around the severity of this crisis? How much more money? do you think might need to go out to make sure that the the bottom bottom doesn't fall fall out out but but beneath beneath us? us? They're very important Question Katie and in just a few weeks, Congress appropriated almost three trillion dollars of appropriated taxpayer money to tackle the public health challenges and the economic preservation challenges and when you leverage that with the Fed's resources, it's almost seven trillion dollars, which is over 30 - five percent of what our economy earns in a whole year. So in my view, that's being injected here in just a few short weeks, I think we will see as. Open up in state by state. We'll see the impact of that money and we'll see if there's any gaps that we should consider additional federal support. I'm wondering how we should restructure things in the future when you look at some statistics gathered by Pew, This is a report that came out a few days ago. Most Americans don't have a rainy day fund to cover expenses for three months that was before the pandemic hit one quarter could not pay their bills in full each month in April, that number jumped. One -third after the pandemic hit low and Americans are the ones being hit hardest. We have an economy that was that was working well for a lot of people before this pandemic hit and people were employed, but they weren't able to save money is that the way that things should continue once we're passed this well Katie it is shocking to see the strength and the breath of this economic hit to American families because we did have high rising. Wages and low unemployment before the virus hit the United States, you know in the Care Act, the Congress and the related bills. The Congress is added the coverage for Corona virus expenses for those who are uninsured as enhanced savings capabilities for Americans as well. but we're gonna have to think about what else can we do to encourage Americans to have the money they need for a rainy day fund. It's a big concern, and it's something that we should all be concerned about. It it's it's scary thinking that three months of expenses down the road. If you don't keep your job, let alone tens. We don't keep your job. I mean you could be out of luck in just a matter of months. Our economy is a just-in-time economy and so many Americans as as we've seen these statistics of 40 percent don't have $400 for emergency payment. You know a a blown out tire or a major car repair or a broken water heater. These are all things that are concerning and so we need to to have have more more robust robust robust savings savings savings alternatives alternatives alternatives for for for families. families families and. and that's an important thing. Business to to recruit employees and make sure not only do they have a competitive pay, but then they have an opportunity to save for rainy days and for their retirement. Congressman French Hill congressman Thank you so much for joining us. We appreciate your time appreciate your time.