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READ: Mnuchin, Fed Chair Powell Testimony On Coronavirus Relief

Treasury Secretary Steven Mnuchin speaks during a coronavirus task force briefing in April.
Jabin Botsford
/
The Washington Post via Getty Images
Treasury Secretary Steven Mnuchin speaks during a coronavirus task force briefing in April.

Treasury Secretary Steven Mnuchin and Jerome Powell, chair of the Federal Reserve Board of Governors, will remotely address the Senate Banking Committee on Tuesday regarding the disbursement of hundreds of billions of dollars in coronavirus relief aid.

In written testimony released on Monday (below), Powell described the pandemic as having caused "a level of pain that is hard to capture in words."

He added: "As a society, we should do everything we can to provide relief to those who are suffering for the public good."

Powell has called on Congress to do more to meet the Fed on its historic lending, and to expand relief funding to Americans. So far, Congress has passed an unprecedented $3 trillion in aid to temper the economic blow from the crisis.

The Democratic-led U.S. House last week approved $3 trillion in additional relief, including nearly $1 trillion for state, local and tribal governments, and hazard pay for essential workers and families. Republicans have called the measure a Democratic wish list, and the White House has issued a veto threat.

The testimony comes a day after a congressional oversight panel released its first report outlining its supervision of lending programs. The report found that the Treasury has not yet paid out any of the $46 billion earmarked for businesses of national security and the U.S. airline industry, which has faced particular devastation during the pandemic.

Read Chairman Powell's testimony.


Read Secretary Mnuchin's testimony.

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Alana Wise joined WAMU in September 2018 as the 2018-2020 Audion Reporting Fellow for Guns & America. Selected as one of 10 recipients nationwide of the Audion Reporting Fellowship, Alana works in the WAMU newsroom as part of a national reporting project and is spending two years focusing on the impact of guns in the Washington region.
Alana Wise
Alana Wise is a politics reporter on the Washington desk at NPR.