ABSTRACT

Oversight of the Treasury Department's and the Federal Reserve's Pandemic Response, Hybrid Hearing Before the Committee on Financial Services, U.S. House of Representatives, One Hundred Sixteenth Congress, Second Session, June 30, 2020   [open pdf - 7MB]

This is the June 30, 2020 hearing on "Oversight of the Treasury Department's and the Federal Reserve's Pandemic Response," held before the U.S. House Committee on Financial Services. From the opening statement of Maxine Waters: "This hearing is the committee's first quarterly hearing required by the Coronavirus Aid, Relief, and Economic Security (CARES) Act for oversight of the various facilities and programs under the Act. [...] The pandemic continues to have a terrible impact. More than 126,000 people have lost their lives in the United States, and, this past Sunday, there were 40,000 new cases of COVID-19 [coronavirus disease 2019], the highest number of daily cases. And the unemployment rate in May was 13.3 percent, nearly 4 times higher than it was last May. All of the job gains of the past decade have been wiped out. Communities of color have been affected disproportionately both by the virus and its economic impact. The Centers for Disease Control reports that Jewish, Black, and Latinx Americans are 4 to 5 times more likely than Whites to be hospitalized for COVID-19, and half of all Black adults are not working. During the 2008 foreclosure crisis, we saw a similarly disproportionate impact on communities of color. This was followed by an unequal recovery where White households gained the wealth they lost, and Black and Brown households are still trying to catch up. We cannot endure another unequal crisis or unequal recovery. Your agencies and Congress must do all that we can to ensure that history does not repeat itself." Statements, letters, and materials submitted for the record include those of the following: Steven T. Mnuchin and Jerome H. Powell.

Report Number:
Serial No. 116-99
Publisher:
Date:
2021
Series:
Copyright:
Public Domain
Retrieved From:
U.S. Government Publishing Office: http://www.gpo.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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