Fed Reserve Chair and Treasury Secretary Testimony on Coronavirus Relief Bill
2020-05-19T20:00:00-04:00https://ximage.c-spanvideo.org/eyJidWNrZXQiOiJwaWN0dXJlcy5jLXNwYW52aWRlby5vcmciLCJrZXkiOiJGaWxlc1wvYmRjXC8yMDIwMDUxOTEwMjI0ODAwMV9oZC5qcGciLCJlZGl0cyI6eyJyZXNpemUiOnsiZml0IjoiY292ZXIiLCJoZWlnaHQiOjUwNn19fQ==Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin testified at a virtual Senate Banking Committee hearing about the $2 trillion CARES Act coronavirus relief bill. Treasury Secretary Mnuchin told lawmakers there is the risk of “permanent damage” to the economy if a lockdown persists but said the Trump administration wants to reopen in a balanced and safe way. He also acknowledged that the Treasury Department and Federal Reserve are “fully prepared to take losses in certain scenarios” on capital remaining to be distributed from the CARES Act. In addition, committee members questioned the witnesses about worker protections, Paycheck Protection Program (PPP) loans, unemployment claims, and state and local budget shortfalls.
Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin testified at a virtual Senate Banking Committee hearing about the $2 trillion CARES Act… read more
Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin testified at a virtual Senate Banking Committee hearing about the $2 trillion CARES Act coronavirus relief bill. Treasury Secretary Mnuchin told lawmakers there is the risk of “permanent damage” to the economy if a lockdown persists but said the Trump administration wants to reopen in a balanced and safe way. He also acknowledged that the Treasury Department and Federal Reserve are “fully prepared to take losses in certain scenarios” on capital remaining to be distributed from the CARES Act. In addition, committee members questioned the witnesses about worker protections, Paycheck Protection Program (PPP) loans, unemployment claims, and state and local budget shortfalls. close
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- Ben Sasse U.S. Senator (Class 2) [R] Nebraska
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- Kyrsten Sinema U.S. Senator (Class 1) [D] Arizona
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