Trump's executive actions on coronavirus relief might not do much


Published by BUSINESSINSIDER.COM

Summary generated on August 10, 2020


    President Donald Trump swooped in on Saturday to show Americans that he was trying to fix what Congress couldn't.

    While Trump claimed the moves would provide "Immediate and vital relief to American struggling in this difficult time", upon further inspection, the four actions face significant legal challenges, implementation problems, and possible opposition from both parties.

    Schumer didn't like Trump trying to take action when Congress couldn't, either.

    The weekly $600 federal unemployment insurance expired on July 31, so Trump proposed a $400 a week boost.

    Trump's housing order passionately outlines how important it is to keep Americans in their homes during the pandemic, particularly so they can successfully socially distance themselves from others and prevent the spread of the novel coronavirus.

    The text is light on details of how the Trump administration will keep Americans from getting foreclosed upon or evicted.

    Trump's memo on federal student loan relief could let borrowers defer payments until the end of the year.

    CARES Act help for student loan borrowers was set to expire at the end of September, so Trump's memo extends his administration's policy to set Department of Education loan interest rates to 0% and let borrowers defer payments through the end of 2020.Does Trump have the authority to take these actions?

    Before Trump signed his signature in Sharpie, people started speculating whether he had the power to take executive action on these economic issues.

    Below are links to the full text of the 4 executive actions Trump signed on Saturday:Extending federal unemployment benefits: "Memorandum on Authorizing the Other Needs Assistance Program for Major Disaster Declarations Related to Coronavirus Disease 2019".Enacting a payroll tax holiday: "Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster".

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