Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin are set to testify at a congressional listening to Tuesday on the influence of efforts to alleviate the fallout from the pandemic-induced recession amid debate over the need for additional stimulus.
Mr. Powell, in ready remarks, stated the financial response to the coronavirus has been efficient however instructed Congress would likely need to spend more money to shore up elements of the economic system that proceed to wrestle.
“Our economic system will recuperate absolutely from this troublesome interval,” Mr. Powell stated. The Fed will “do what we will, for so long as it takes, to make sure that the restoration might be as robust as doable, and to restrict lasting injury to the economic system.”
Mr. Powell and Mr. Mnuchin start three days of hearings on Capitol Hill on Tuesday morning, starting with the Home Monetary Providers Committee. Each males may even seem earlier than the Senate Banking Committee on Thursday. Mr. Powell testifies Wednesday earlier than a separate Home panel overseeing the U.S. response to the coronavirus pandemic.