jerome powell testimony 6/17
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. 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. (Caroline Brehman/Pool via AP), Connect with the definitive source for global and local news. ET. Many economic indicators show marked improvement," he added. "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. 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 … Data is a real-time snapshot *Data is delayed at least 15 minutes. "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. The Democratic-led House passed additional support. Mnuchin said that further federal aid should be focused on the most damaged sectors of the economy, such as restaurants and the travel industry. We want to hear from you. 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. Coronavirus and CARES Act. 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. Please refresh the page if you do not see a player above at that time.]. 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. 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. “At that time, the entire economy was shut down.”. Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin are testifying Tuesday before the House Financial Services Committee. A Division of NBCUniversal. © 2020 CNBC LLC. “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. Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C. Share . [The stream is slated to start at 10:30 a.m. 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. 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. 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. After some programs expired this summer, President Donald Trump signed executive orders to keep aid flowing, although that effort has produced limited benefit. 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. 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. May 19, 2020. Testimony PDF. 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. 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. Get this delivered to your inbox, and more info about our products and services. Chair Jerome H. Powell. Watch Live. September 22, 2020. Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin are testifying Tuesday before the House Financial Services Committee. Federal Reserve Chairman Jerome Powell told the Senate banking committee on Tuesday that there is still “significant uncertainty” about an economic … 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. Some lawmakers said they were hearing that the forms that are needed to gain forgiveness for the loans were too complicated. All Rights Reserved. Both officials stressed that major sectors of the economy were still suffering. 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. Mnuchin said the Treasury and the SBA had worked to make the forms simpler to fill out. Powell doubled down on the Fed's pledge to aid. Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell testified before the House Financial Services Committee on the federal government's response to … Jerome Powell, Federal Reserve chair, gives his opening statement ahead of the. But Senate Republicans have balked at the size of the measure, and both sides have spent months arguing over possible compromise legislation. Chair Jerome H. Powell. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Coronavirus Aid, Relief, and Economic Security Act. House Committee of Financial Services testimony. “This time,” the Treasury secretary told lawmakers, “it should be much more targeted to industries that are most impacted.”. Got a confidential news tip? "Both employment and overall economic activity, however, remain well below their pre-pandemic levels, and the path ahead continues to be highly uncertain.". Sign up for free newsletters and get more CNBC delivered to your inbox. Each will discuss his agency's response to the coronavirus pandemic and answer questions from the committee's lawmakers. Federal Reserve Chairman Jerome Powell is testifying Wednesday before the House Select Subcommittee on the Coronavirus Crisis to detail the central …

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