Echoing sentiments raised by Congressman San Nicolas in a hearing last week with Federal Reserve (FED) Chairman Jerome Powell, Financial Services Committee Chairwoman Maxine Waters followed up with Powell to get Guam and territories access to the Municipal Liquidity Facility (MLF).
“I deeply appreciate the support of my Chairwoman who explicitly used her time in the hearing to fight for Guam, something not very common for a Chair to do,” opined Congressman San Nicolas. “The leadership of the Financial Services Committee is rallying for the people of Guam to gain us some form of liquidity access from the FED, and it seems imminent that this will succeed in some form,” Congressman San Nicolas added.
Accessing the MLF will enable Guam to pay out tax refunds much faster, by accessing liquidity from the FED in advance, and paying it back to the FED over time.
“When we secure access to this facility we should see tens of millions in tax refund payments go out fairly quickly, and so many of our people need it,” Congressman San Nicolas continued. “Hopefully we can secure this not only for these pandemic circumstances but as a regular process going forward, so our people no longer have to wait as long anymore to receive their tax refunds,” Congressman San Nicolas concluded.