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He said that even though the unemployment rate had fallen, the economic picture was "a long way" from where it needed to be.

Chair Powell announced interest rates will remain close to zero and talked about unemployment disproportionally impacting minority communities and low-income jobs.

Secretary Mnuchin and Chair Powell called on Congress to take additional action to pass coronavirus relief, which they said should provide additional Paycheck Protection Progam (PPP) funding and an extension for unemployment insurance.

Chair Powell took questions from lawmakers on a variety of topics, including the low interest rates, unemployment from COVID-19 shutdowns, the coinage shortage and what the future of economic growth and recovery from the virus might look like.

Members, like Senator Elizabeth Warren (D-MA), pressed him about whether the economy could be called healthy if the unemployment rate for African Americans continued to rise.

In addition, committee members questioned the witnesses about worker protections, Paycheck Protection Program (PPP) loans, unemployment claims, and state and local budget shortfalls.

Other topics discussed included unemployment numbers, credit availability and fiscal spending power.

He also talked about unemployment claims and the central bank's role during the outbreak.

He then answered questions from lawmakers on a variety of economic and monetary policy topics, including concerns over Facebook's proposed Libra cryptocurrency and the relationship between the unemployment and inflation rates.

He addressed several issues, including inflation, jobs, unemployment, wages, the housing market, cybersecurity, and the potential impact of tariffs on the economy.

Topics included monetary policy, unemployment, and congressional efforts to ease banking regulations under the 2010 Dodd-Frank financial reform law.