WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) issued the following statement after the Louisiana legislature’s Revenue Estimating Committee found that Louisiana losses in revenue and employment is worse than those of Hurricane Katrina.
“The REC’s findings show losses greater than those of Hurricane Katrina. Even after the economy reopens, there’s no way for Louisiana to regain this revenue. The report shows how important it is for Congress to pass my state and local funding bill so that state and local communities can provide essential services for students, residents and employers,” said Dr. Cassidy.
Cassidy’s bipartisan State and Municipal Aid for Recovery and Transition Act (SMART Act) would provide $500 billion for states and local municipalities. The money would be divided equally three ways: a third based on population, a third based on numbers of coronavirus cases in proportion to the state’s population, and a third based on economic losses. The bill also allows existing coronavirus relief funds to be used by local municipalities to address their needs.
The Louisiana House Appropriations Committee passed a resolution today authored by Republican Speaker of the House Clay Schexnayder that endorsed Cassidy’s SMART Act. The committee passed it without objection. It is expected to be heard before the full House within the next two weeks.
“Louisiana has been severely impacted by the COVID-19 epidemic, and this is an important step toward assisting the state’s communities in maintaining essential services and protecting the state’s financial future,” wrote Schexnayder in the resolution.
View the full resolution here.