Fed Chair Powell, Treasury Sec. Mnuchin Testify Before the Senate Banking Committee | LIVE | NowThis
2 min read
ELIZABETH WARREN GRILLS TREASURY SECRETARY & FED CHAIR: Sen. Elizabeth Warren and other members of the Senate Banking Committee question Federal Reserve Chair Jerome Powell and Treasury Sec. Steven Mnuchin on the federal government’s response to the economic crisis caused by the COVID-19 pandemic. The two officials are expected to paint starkly different outlooks on the U.S. economy. Powell is expected to reiterate his beliefs in the economy’s uncertain future and echo his calls for further economic relief, while Mnuchin is expected to blame local governments for shutdowns impacting their economies. Last week, the Trump administration announced they would end federal emergency coronavirus relief programs by requesting the central bank to return any unused funds. Mnuchin wrote that the emergency programs ‘have clearly achieved their objective,’ and requested that the excess funds be returned to the federal government, thereby shutting the programs down. In a sharp rebuke to the White House, the Fed pushed back on the decision. ‘The Federal Reserve would prefer that the full suite of emergency facilities established during the coronavirus pandemic continue to serve their important role as a backstop for our still-strained and vulnerable economy,’ the central bank said in a statement.
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