Mnuchin, Powell testify to Senate panel about small-business lending effort

Treasury Secretary Mnuchin and Fed Chairman Powell testified to a Senate committee on Tuesday in their first quarterly report on the government’s multi-trillion-dollar rescue aid for households and businesses.

  • Powell said that the Fed’s lending programs for medium-sized businesses and state and local governments would begin operating by the end of this month.
  • Under sharp questioning, Mnuchin defended the administration’s support for reopening the economy in many states, which he said would be done safely.

 

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