Monday, June 21, 2021
27.1 C
Abuja
Monday, June 21, 2021

Watch live — Powell and Mnuchin testify before the Senate on the economic recovery

Must read

COVID

The continent's commodity-dependent countries have been...

Crediverso preps personal finance platform for US Hispanic community

Crediverso, a startup building a personal finance platform...

AFRICA: Pacja and Paneltech commit to the circular economy of plastics

Many African countries are adopting the circular economy. This trend is most evident in North Africa, where plastic waste recycling initiatives are on the...

I’ll be there for you: 4 ways your personal finances are made better by your friends

The young girl sounded both excited and nervous. She was soon joining a prestigious management school. Among the many questions she had, one was...

[The stream is slated to start at 10:00 ET. Please refresh the page if you do not see a player above at that time.]

Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin are testifying Thursday before the Senate Banking Committee.

The hearing will mark the the second time both men have appeared together before Congress this week to discuss their agencies’ roles in handling the economic fallout caused by Covid-19.

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. 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.

Though Powell said earlier in the week that the U.S. still looks like it’s in an economic rebound, the Fed chief warned Tuesday that there is still a risk of deceleration in U.S. economic activity without additional fiscal stimulus from Congress as Americans opt to stay away from crowded venues like restaurants or salons.

“I would say many, most, [forecasters] assume some fiscal action. Fiscal action underlies many, many current forecasts,” Powell told lawmakers on Tuesday.

He added that Americans could deplete their savings as they look for employment in the months ahead if Congress doesn’t act to reenact unemployment benefits or direct stimulus payments.

“The risk is that, over time, they go through those savings, they haven’t been able to find employment yet because it’s going to take a while to get 11 million people back to work, so their spending will decline,” he added. Their ability to stay in their homes will decline. So, the economy will begin to feel those negative effects at some time.”

Subscribe to CNBC on YouTube. 

- Advertisement -

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest article

COVID

The continent's commodity-dependent countries have been...

Crediverso preps personal finance platform for US Hispanic community

Crediverso, a startup building a personal finance platform...

AFRICA: Pacja and Paneltech commit to the circular economy of plastics

Many African countries are adopting the circular economy. This trend is most evident in North Africa, where plastic waste recycling initiatives are on the...

I’ll be there for you: 4 ways your personal finances are made better by your friends

The young girl sounded both excited and nervous. She was soon joining a prestigious management school. Among the many questions she had, one was...