We want to hear from you. The Democratic-led House passed additional support. Coronavirus and CARES Act. Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin are testifying Tuesday before the House Financial Services Committee. Some lawmakers said they were hearing that the forms that are needed to gain forgiveness for the loans were too complicated. Chair Jerome H. Powell. Coronavirus Aid, Relief, and Economic Security Act. Many economic indicators show marked improvement," he added. © 2020 CNBC LLC. Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin are testifying Tuesday before the House Financial Services Committee. Pressed to say what types of aid the Trump administration would support in a new bill, Mnuchin said the administration would favor sending another round of $1,200 in individual payments. Got a confidential news tip? Mnuchin said he was ready to resume negotiations and said the administration would be willing to support stand-alone legislation to boost support through the Paycheck Protection Program, which benefited small businesses. Federal Reserve Chairman Jerome Powell told the Senate banking committee on Tuesday that there is still “significant uncertainty” about an economic … But Senate Republicans have balked at the size of the measure, and both sides have spent months arguing over possible compromise legislation. Powell doubled down on the Fed's pledge to aid. Striking a more cautious note, Powell noted that the job market has regained only about half the 22 million jobs that were lost in March and April when the virus flattened the U.S. economy, triggering a recession. ET. WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin expressed cautious optimism Tuesday that the U.S. economy is rebounding from the pandemic-induced recession with federal support but that more help from the government is likely needed. All Rights Reserved. Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. Share . Chair Jerome H. Powell. Federal Reserve Chair Jerome Powell testifies during a House Financial Services Committee hearing about the government’s emergency aid to the economy in response to the coronavirus on Capitol Hill in Washington on Tuesday, Sept. 22, 2020. The loans provided to small businesses through a program run by the Small Business Administration and the Treasury Department and can be forgiven as long as much of the money goes to keeping workers on the payroll or rehiring laid-off workers. Tuesday’s testimony from Powell and Mnuchin began three days of oversight hearings on the government programs that were enacted last spring to cushion the impact of a devastating recession in which much of the economy was shut down to try to limit the spread of the coronavirus. Tuesday’s testimony from Powell and Mnuchin began three days of oversight hearings on the government programs that were enacted last spring to cushion the impact of a devastating recession in which much of the economy was shut down to try to limit the spread of the coronavirus. Sign up for free newsletters and get more CNBC delivered to your inbox. (Caroline Brehman/Pool via AP), Connect with the definitive source for global and local news. “This time,” the Treasury secretary told lawmakers, “it should be much more targeted to industries that are most impacted.”. Mnuchin said that further federal aid should be focused on the most damaged sectors of the economy, such as restaurants and the travel industry. Testimony PDF. "Both employment and overall economic activity, however, remain well below their pre-pandemic levels, and the path ahead continues to be highly uncertain.". Both officials stressed that major sectors of the economy were still suffering. Please refresh the page if you do not see a player above at that time.]. Mnuchin said the Treasury and the SBA had worked to make the forms simpler to fill out. Chairman Crapo, Ranking Member Brown, and other members of the Committee, thank you for the opportunity to discuss the extraordinary steps the Federal Reserve has taken to address the … “At that time, the entire economy was shut down.”. A Division of NBCUniversal. Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell testified before the House Financial Services Committee on the federal government's response to … After some programs expired this summer, President Donald Trump signed executive orders to keep aid flowing, although that effort has produced limited benefit. "We remain committed to using our tools to do what we can, for as long as it takes, to ensure that the recovery will be as strong as possible, and to limit lasting damage to the economy," Powell said in his prepared testimony. That support totaled a record high of nearly $3 trillion and included such measures as economic impact payments of up to $1,200 per individual, enhanced unemployment benefits of $600 per week and a Paycheck Protection Program to encourage small businesses to keep workers on their payrolls. House Committee of Financial Services testimony. He said the administration would be willing to consider some type of blanket forgiveness that would speed up the process if Congress wanted to pass legislation to that effect. Some Republican lawmakers complained that House Democrats were blocking approval of further relief because of their insistence on achieving a larger package than GOP lawmakers are willing to support. Federal Reserve Chairman Jerome Powell is testifying Wednesday before the House Select Subcommittee on the Coronavirus Crisis to detail the central … "Economic activity has picked up from its depressed second-quarter level, when much of the economy was shut down to stem the spread of the virus. In prepared remarks he will deliver in person to the committee, Powell doubled down on the Fed's pledge to aid the economy through the pandemic and summarized what the central bank has done so far. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. [The stream is slated to start at 10:30 a.m. Data is a real-time snapshot *Data is delayed at least 15 minutes. May 19, 2020. September 22, 2020. “We are in a very different situation than we were the last time,” when Congress enacted nearly $3 trillion in emergency financial aid, Mnuchin said. Jerome Powell, Federal Reserve chair, gives his opening statement ahead of the. Get this delivered to your inbox, and more info about our products and services. Powell told the House Financial Services Committee that he believed the economy was “healing.” Mnuchin, the chief economic spokesman for the Trump administration, proclaimed that the country was in the “midst of the fastest economic recovery from any crisis in history” after the steepest economic plunge since the Great Depression of the 1930s. Each will discuss his agency's response to the coronavirus pandemic and answer questions from the committee's lawmakers. Since March, the Fed and Treasury have introduced a litany of programs aimed at lending money to businesses struggling for liquidity as Americans stay at home. Their efforts include the Main Street Lending Program aimed at companies with fewer than 15,000 employees, the Paycheck Protection Program and direct stimulus checks to U.S. workers.
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