WASHINGTON (Reuters) – U.S. Treasury Secretary Steven Mnuchin, on Tuesday, He defended for the management of the fiscal reaction to the feline corona-virus-pandemic, and told senators to check he was ready, extension and amendment of a billing credit program for small businesses.
At a sometimes testy hearing before the banking Committee of the Senate, Mnuchin, and the Federal Reserve chair, and Jerome Powell, the nearly $3 trillion, said in the corona-virus-rescue-programs rolled out by the Federal government in the past two months have been working to support an economy devastated by the novel corona-virus.
But the Ministry of Finance and the Federal reserve chiefs faced tough questions on whether the administration would take the plans to quickly, jonti and the economy in the Wake of the lock, which would leave in March and April, low-wage workers without adequate protective measures against the virus.
The Congress is considering legislation that would jobs, trillions of dollars of additional aid and further strengthen the economy, help the United States and the increase in pay for the essential workers who do some of the most dangerous.
The President, Donald Trump has been criticized, because first of all, down to the pandemic, which killed now, and more than 90,000 Americans, and not the ensuring play, that sufficient medical care in place were a fight against the virus.
“How many workers should be to change your life, the GDP or the Dow Jones by 1,000 points?”, Senator Sherrod Brown, the Committee’s top asked a Democrat.
“No, we should give her life to do that, senator, and I think your characterization is unfair. We have replied in enormous quantities, or equipment,” Mnuchin.
Mnuchin said he wanted to thank “all” the essential worker,” but Braun interrupted him, and adds, “Thank’s great, but it is fair for our economy and pays for the Essentials and an employee of so little in such a work condition?”
Powell said the new Treasury-backed Federal lending programs is aimed at medium-sized companies and municipal bond, would the markets up and running until the beginning of June. Only a “relatively modest” amount of money that went through the Fed’s credit programs so far.
The U.S. Central Bank lowered interest rates to near zero, and to ensure a broad network of programs, financial markets continued during the pandemic. There is also a precedent-setting was the lending-for-businesses-and-the-first-ever corporate-bond purchases.
The First recipient of the $660 billion paycheck protection program that offers forgivable loans to small businesses, we are nearing the end of their 8-week, loan agreements, and calls from senators for the extensions, during the Tuesday hearing is increased.
Mnuchin said he hoped to reach a bipartisan agreement, “a technical correction that would extend the loans.
“Companies are really having trouble with may not be able to use it within 8 weeks. You do not want more money, they want flexibility is that you can use it more than an 8-week period,” Mnuchin said.
TO CREDIT CONDITIONS.
Senator Elizabeth Warren, a Democrat, also Mnuchin pressed as to why the participants in the “half-a-trillion-dollar slush-Fund” to support the “Main Street” lending program, and the Federal reserve loans to larger borrowers have no special requirements to retain employees.
Mnuchin said, these conditions were discussed “with people on both sides of the aisle,” as the feline corona-virus-response, relief and Economic security (CARES) was negotiated in the law, in March.
(See the graphic) here show MAINTAINS to Act, the money will flow.)
Mnuchin also said that the Treasury base case analysis showed that at least some of the losses on the Fed’s loan activities were expected, but there are cases in which the Treasury with a return earned on its capital. Under the most optimistic scenario, the markets would fully recover, and the Fed’s facilities would not be needed, ” he added.
While more than 30 million, the unemployment claims have been processed since January, we are reporting delays or weeks, or months, in the beginning of the tests, say with other people, you are locked here or demanding benefits.
Mnuchin also said he foresees more job losses in the next few months before the economy begins to improve.
You will work closely with the governors, we begin to open ourselves to the economy in a manner that minimizes risks for workers and customers,” Mnuchin said. “We expect to improve the economic conditions in the third and fourth quarter.”
Although the hearing was a hero, by video-conference, Mnuchin with the Vice-President, and Mike Pence, Senate majority Leader Mitch McConnell and house Minority Leader Kevin McCarthy, at the U.S. Capitol, according to the White house.
Reporting by David Lawder and Heather Timmons; Additional reporting by Susan Heavy, and Lindsay Dunsmuir; editing by Peter Cooney, Chizu Nomiyama and Paul Commented