Powell and Mnuchin defend coronavirus stimulus efforts at Senate hearing
Treasury Secretary Assured Administration Ready For Bipartisan Agreement
Treasury Secretary Stephen Mnuchin and Federal Reserve Chairman Jerome Powell, speaking on Tuesday to the House of Representatives Financial Services Committee, said the pandemic-related economic aid is helping to bolster economic recovery, but noted the need for additional funds.
Mnuchin said the US economy is recovering faster than any other crisis in history and predicted significant growth in the third quarter amid stronger business activity.
“The recovery is on track because the administration and Congress worked together on a bipartisan basis to deliver the largest economic aid package in American history,” he said.. “The Federal Reserve also played a major role in the recovery with 13 unique lending facilities.”.
At the same time, the minister stressed that “some industries, especially badly affected by the pandemic, need additional assistance.”.
The administration continues to work with Congress to pass a fourth economic aid package, he said. “The administration is ready to come to a bipartisan agreement,” he assured.
“A full recovery is likely to come only when people are confident that they can safely return to a wide range of activities,” Powell said. “The way forward will depend on when it is possible to bring the virus under control, as well as on the political action taken at all levels of government.”.
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