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.
» Subscribe to NowThis: http://go.nowth.is/News_Subscribe
» Sign up for our newsletter KnowThis to get the biggest stories of the day delivered straight to your inbox: https://go.nowth.is/KnowThis
#JeromePowell #StevenMnuchin #Coronavirus #Economy #News #NowThis #NowThisNews
Connect with NowThis
» Like us on Facebook: http://go.nowth.is/News_Facebook
» Tweet us on Twitter: http://go.nowth.is/News_Twitter
» Follow us on Instagram: http://go.nowth.is/News_Instagram
» Find us on Snapchat Discover: http://go.nowth.is/News_Snapchat
NowThis is your premier news outlet providing you with all the videos you need to stay up to date on all the latest in trending news. From entertainment to politics, to viral videos and breaking news stories, we’re delivering all you need to know straight to your social feeds. We live where you live.