ABSTRACT

Oversight of the Treasury Department's and Federal Reserve's Pandemic Response: Hybrid Hearing Before the Committee on Financial Services, U.S. House of Representatives, One Hundred Sixteenth Congress, Second Session, September 22, 2020   [open pdf - 16MB]

This is the September 22, 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: "Nearly 200,000 people in the United States have lost their lives to the coronavirus, and there have been over 6.8 million U.S. cases. Millions of families are struggling to make ends meet during this crisis and are on the verge of eviction. Over a million small businesses, which are the lifeblood of our economy, have shut their doors as families across the country are looking to Washington for leadership. [...] I am very concerned that much of the $500 billion Congress allocated in the CARES [Coronavirus Aid, Relief, and Economic Security] Act to Treasury, most of which was to support Federal Reserve lending, to help reeling businesses, nonprofits, and State and local governments, has gone unused. Here we are almost 6 months after the passage of the CARES Act and a mere 0.2 percent of Main Street Lending Program funds and 0.3 of Municipal Liquidity Facility funds have been put to use. This is unacceptable. Secretary Mnuchin, Chair Powell, let me be blunt. This pandemic response has fallen badly short, and the Trump Administration has sabotaged efforts to pass a relief package or address the major public health and economic crisis we face. Your work to address this crisis doesn't stop when the stock market recovers from its losses. Your mandate is to help hardworking individuals and families who are suffering." Statements, letters, and materials submitted for the record include those of the following: Steven T. Mnuchin and Jerome H. Powell.

Report Number:
Serial No. 116-111
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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