PIKE COUNTY, Mo. — Legislation creating a new fund for the billions of dollars Missouri is expected to receive from a new federal stimulus package will be unveiled Monday afternoon in Jefferson City.
Missouri House Budget Committee Chairman Cody Smith, R-Carthage, testifies before a House committee in Jefferson City on February 24, 2021 (file photo courtesy of Tim Bommel at House Communications)
House Budget Committee Chairman Cody Smith (R-Carthage) tells Missourinet that any money from the “American Rescue Plan of 2021” and any future stimulus money would go into the new fund.
“And the intent there is to set up the fund to receive those funds from this next round of federal stimulus, and keep them separate from all of the other funds that we have in the state treasury for transparency purposes, for management purposes,” Smith says.
Smith says it would also assist with planning purposes.
The U.S. Senate and House have approved different versions of the $1.9 trillion stimulus package. CNBC reports the U.S. House will have to sign off on the Senate’s changes, before the bill can be signed by President Joe Biden (D).
As for Chairman Smith, he says it’s unclear yet how much money specifically will be coming to Missouri. But he notes it will be in the billions.
“It’s generally agreed upon and thought that Missouri will receive billions of dollars with this next round of stimulus for various purposes. And so while we don’t know exactly how much, we do anticipate that it will be a lot of money,” says Smith.
Smith will present his two-page bill on Monday afternoon, to the Budget Committee in Jefferson City. Under House Bill 1236, State Treasurer Scott Fitzpatrick would be the new fund’s custodian.