The US House Democrats have planned to bring forward a bill to provide direct checks of $2,000 to individuals on Thursday. Point to be noted that President Trump called on the US Congress to amend a newly passed coronavirus relief bill to increase direct payments to $2,000, with $4,000 for a couple. The House Speaker Nancy Pelosi said the House will try to pass the bill by unanimous consent. There is only one Republican member opposing the proposal that needs to be present in order to block the bill. On Tuesday, President Trump indicated in a video posted on Twitter that he would not sign the $900 billion relief package passed by both houses of Congress. The relief package provides $600 in direct payments for adults making up to $75,000 per year and children, with $2,400 for a family of four.
The recent demand from the President came after weeks of negotiations with Treasury Secretary Steven Mnuchin. The Treasury Secretary is playing an active part in determining the final numbers before the relief bill and an omnibus spending package passed with overwhelming majorities. It is noteworthy that Democrats will attempt to call Mr. Trump’s bluff by holding a voice vote on Thursday. They will force Republicans to go on the record for their opposition to increasing direct payments from $600 to $2,000. The bill renewed relief provisions set to expire at the end of the month, such as critical emergency unemployment programs and an eviction moratorium. At least 12 million Americans are set to lose unemployment benefits the day after Christmas due to the expiration of these programs.
The bill also includes an additional $300 per week in unemployment insurance and aid for small businesses. On Tuesday, Pelosi said, “Republicans repeatedly refused to say what amount the President wanted for direct checks. At last, the President has agreed to $2,000. Democrats are ready to bring this to the Floor this week by unanimous consent. Let’s do it!” Senate Minority Leader Chuck Schumer also called on Majority Leader Mitch McConnell to bring a bill increasing the direct payments to the Senate floor. He said, “The American people deserve it”. It will likely pass in the Senate even if the House is able to pass the bill by unanimous consent in the House, with no Republicans offering opposition. The previous bipartisan relief bill passed by Congress in March, the CARES Act. It provided direct checks of $1,200 for adults and $500 for children.
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The major factors that are driving the market are improvement in security, customer convenience, better financial services and standardization.Request Sample Pages of US Payment Card Market @ https://www.adroitmarketresearch.com/contacts/request-sample/61The US Payment Card Market research report covers various qualitative and quantitative aspects including drivers, restraints, opportunities, estimates and forecast for types & applications and detailed profiles of leading players.The major players in the US Payment Card Market includes; Perfect Plastic Printing,Oberthur Technologies,Gemalto,CPI Card Group,Giesecke & Devrient,Valid USA, Inc.,Goldpac Group Ltd,MCT Cards & Technology Pvt.
Ltddz card andCardLogix Corporation.Payment cards such as EMV which offer chip & pin as a verification tool have helped in reducing the number of counterfeit frauds in the US The collaboration between government and industry players is also driving the market further by strengthening the security for transactions and implementing standardized products.To deal with the rising number of frauds due to the use of magnetic stripe cards, the U.S government has started implementing microchip cards and also creating awareness about EMV card.
For instance, the government of US, in October 2015, had taken key initiatives such as liability shift and BuySecure to implement the use of EMV cards due to which the US Payment Card Market is expected to grow further in the coming years.Migration to EMV is likely to put the US and other countries (that have already adopted EMV standards) on a single global fraud protection standard and this will assist in the eventual withdrawal of magnetic stripe cards, thus, reducing the number of card frauds.
In line with this, the players in the payment market are expected to benefit as they have to support only one set of technical standards in the value chain.
This is expected to shift their focus on revenue-generating projects by offering better products & services driving the market growth further during the forecast period.The contact-based payment card segment dominated the market by contributing USD 735.1 million in the year 2017.
For instance, in 2014, MasterCard collaborated with Dynamics Inc. to drive innovation in the US payment cards market.
