WASHINGTON, D.C. – Today in a hearing entitled “Former Federal Reserve Chairs on Responding to Our Nation’s Economic Crisis” in the Select Committee on the Coronavirus Crisis, Congressman Blaine Luetkemeyer (MO-03) delivered the following remarks to the committee and witnesses.

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"Currently with the stimulus of the CARES Act and the forbearance banks have been giving to customers, we have not seen broad delinquencies and charge offs yet. However, as this forbearance ends and as depository institutions, and more importantly examiners of those institutions get back to business as usual; I’m fearful that we will see a broad markdown of assets on balance sheets and even entire business lines at financial institutions similar to what we saw in 2008. 

“I have repeatedly called for financial regulators to provide additional forbearance to financial institutions and allow them the needed reserve, accounting and capital relief necessary to allow them to work with their customers.”