Dear Friends,
Friday, the CARES Act Congressional Oversight Commission held its first hearing which examined the Federal Reserve's Main Street Lending Program.
The Federal Reserve established the Main Street Lending Program to support lending to small and medium-sized businesses and nonprofit organizations that were in sound financial condition before the onset of the COVID-19 pandemic.
I was proud to serve as the acting chair of the Commission during the hearing as we heard testimony from two panels. The first panel consisted of Eric Rosengren, the President and CEO of the Federal Reserve Bank of Boston. The second was made up of Lauren Anderson, the Senior VP and Associate General Counsel of the Bank Policy Institute, Tom Bohn, the CEO of the Association for Corporate Growth, Vince Foster, the Executive Chairman of the Main Street Capital Corporation, and Gwen Mills, the Secretary-Treasurer of UNITE HERE.
To watch the full hearing, click HERE or on the image below.
My hope during this hearing was to find answers that help explain why it took three months to stand up the Main Street Lending Program; what, if anything, needs to be done to alter the program to expand the universe of eligible borrowers; and receive feedback on the proposed terms and conditions on loans to businesses. I was pleased with the witness's expertise and found the discussion timely and informative. The information and answers received during the hearing will be reflected in the Commission’s next report, which will be released later this month.
Immediately following the hearing, I joined David Westin on Bloomberg's Balance of Power to discuss initial reactions to the hearing, and what the next steps are for the Main Street Lending Program to support our nation's workers and businesses.
To watch the full interview, click HERE or on the image below.
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| RSVP for service academy information session |
Learn More About the Congressional Nomination Process
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As a member of Congress, I have the distinct honor of nominating candidates to our nation’s service academies.
Each year, I am inspired by our students’ selflessness and dedication to our country.
Congressman Hill hosting a socially-distanced ceremony to recognize the central Arkansas students who will attend a service academy in the fall of 2020. |
If you are a high school student, teacher, parent, or counselor interested in learning more about the Congressional nomination process, I will be hosting a virtual Service Academy Information Session this Tuesday, August 11th, at 10:30 AM CT.
To RSVP, please fill out the form HERE.
| Recognizing Guy-Perkins' PTA |
Helping Students be Prepared for the Start of a New School Year |
Recently, I took to the House Floor to recognize the Parent Teacher Organization (PTO) at the Guy-Perkins School District for once again providing their students with school supplies for the upcoming academic year.
To watch, click HERE or on the image above.
Thanks to the efforts of the PTO, all students in grades K-12 will have school supplies provided to them regardless of whether students have chosen on-campus instruction or distance learning this fall.
As parents, teachers, students, and educators begin a uniquely challenging school year, the PTO’s years-long tradition with help parents will back-to-school costs and ensure teachers do not have to purchase their own supplies and prepare students to get back to learning.
| Honoring those injured in the line of duty |
Reflecting on the Sacrifices our Heroes Have Made on Purple Heart Day
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Every year on August 7th, we observe Purple Heart Day in honor of those who were injured or who sacrificed their lives answering the call of duty. These patriots have sacrificed their own well-being to secure the safety of our nation and many paid the ultimate price.
As Americans, we must come together to honor these brave men and women. On Friday, my staff was on hand to attend a ceremony by the Bald Knob VFW where Commander Savannah and Quartermaster Wilber Marler took a moment to recognize these veterans and honor the heroes that we have lost.
| combatting the scourge of human trafficking |
Federal Grant Awarded to Support Arkansas's Efforts |
Sex trafficking is an appalling criminal enterprise. According to the National Criminal Justice Reference Service, as many as 300,000 children in the United States are at risk of becoming trafficking victims, and as Arkansans, we can all agree that this scourge needs to end once and for all.
In central Arkansas, I am proud to work with the Centers for Youth and Families, which, for over 130 years, has worked to buildup healthy children, families, and community centers. These centers have expanded their missions for care by providing trauma-informed treatment for victims of human trafficking.
I am proud to announce that the Department of Justice has awarded nearly $500,000 in grant money to this amazing organization. This grant money will support housing assistance for victims of all forms of human trafficking throughout the United States. Specifically, programs that provide 6 to 24 months of transitional housing with support services to victims of human trafficking who are in need of housing.
If you suspect trafficking is occurring, call 1-888-373-7888 or text 233733. You can also chat live with an operator at www.humantraffickinghotline.org
It is my honor to represent you in Congress. Please contact me at (501) 324-5941 or Hill.House.Gov if I may be of service to you.
Sincerely,
Representative French Hill
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