Fed Chair Powell, Treasury Sec. Mnuchin Testify Before the House | LIVE | NowThis

AOC, KATIE PORTER GRILL TREASURY SECRETARY: Reps. Alexandria Ocasio-Cortez, Katie Porter, Rashida Tlaib, and other members of the House Financial Services 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. Yesterday, the two testified before the Senate Banking Committee where they painted starkly different outlooks on the U.S. economy. Powell reiterated his belief in the economy’s uncertain future and echoed his calls for further economic relief, saying that the central bank will use all their ‘tools until the danger is well and truly past, and it may require help from other parts of government as well, including Congress.’ Mnuchin, however, blamed local governments for shutdowns and other restrictions impacting their economies, and defended his decision to pull funding from federal emergency coronavirus relief programs. ‘I find it implausible that any member of this committee believed that in voting for the CARES Act, you were authorizing me to invest $500 billion to make loans in perpetuity,’ Mnuchin told the Senate committee.
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