Economy

Watch Jerome Powell and Steven Mnuchin testify live on the CARES Act

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Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin are testifying Tuesday before the Senate Banking, Housing and Urban Affairs Committee.

The appearances are the first in what will be quarterly hearings on the CARES Act used to provide rescue funding in response to the coronavirus pandemic. The Fed and Treasury have teamed up to provide trillions of dollars in direct funding, loans and liquidity to markets and the real economy.

In prepared remarks, Powell pledged to use the central bank's tools in whatever way necessary, while Mnuchin said the White House is working to get the country reopened in a responsible manner.

Read more:
Powell to tell Congress the Fed is committed to using all tools to fight the unprecedented downturn
GDP could decline by 42% in the second quarter, according to the Atlanta Fed
Nearly 40% of the poorest households hit with a job loss during pandemic, Fed study shows

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