Federal Reserve Chairman Jerome Powell and U.S. Treasury Secretary Steven Mnuchin bump elbows after a hearing of the House of Representatives Financial Services Committee on oversight of the Treasury Department and Federal Reserve response to the outbreak of the coronavirus disease (COVID-19), on Capitol Hill in Washington, U.S., June 30, 2020.
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Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin head to Capitol Hill on Tuesday for the first of a two-day trip to provide mandated updates on CARES Act funding.
The $2.2 trillion rescue package has gone created a variety of programs aimed at helping the U.S. economy get through the coronavirus pandemic.
In prepared remarks, Powell said the Senate Finance Committee that the Fed's portion of the money has served as "a backstop to key credit markets and have helped restore the flow of credit from private lenders through normal channels."
However, Mnuchin has pulled the plug on many of the programs the Fed has used, and he said the unused funds would be better spent elsewhere.
Read more:
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Mnuchin says people are misunderstanding Fed funding decision, there's plenty of firepower left
