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Rep. Chuy García has 1 statement(s) about crypto.
"Glad to join @FSCdems today to discuss the SEC. We need to stay vigilant about the risks that stablecoins and crypto present to the national and global economy. I'm glad that @SECgov Chair @GaryGensler is committed to this issue, and on the case."
This bill creates the Boost Communities Program to provide monthly aid during and after the COVID-19 (i.e., coronavirus disease 2019) emergency. Specifically, the bill provides $2,000 a month to individuals until the COVID-19 emergency declaration is terminated, or the national unemployment rate meets specified criteria, whichever is later. Furthermore, the bill provides $1,000 a month to individuals during the following year. The program also provides targeted supplemental assistance for at-risk populations.
The bill provides for the distribution of these funds through direct deposit, debit cards, and the establishment of digital dollar wallets.
The Department of the Treasury is directed to mint and issue two $1 trillion platinum coins and additional coins as needed to fund the program. The Federal Reserve is directed to purchase the coins.