Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell were front-and-center at the first Senate hearing on how the $2.2 trillion coronavirus rescue package is being implemented. Here are five takeaways.
Lawmakers are already considering making technical changes to some of the stimulus programs as well as whether another stimulus package will be needed to save the economy from collapse. Here are five takeaways from the Senate Banking Committee hearing:Mnuchin warns of 'permanent' economic damage if states don't reopen quicklyMnuchin warned that the economy may never fully recover if states prolong their shutdowns.
On Tuesday, Mnuchin acknowledged that the eight-week deadline is a concern. "We'd like to get a bipartisan technical fix," he said. There's a lot of support from industry groups and lawmakers for extending the eight-week period, including Republican Sen. Marco Rubio, chairman of the Senate's Small Business Committee. House Democrats have proposed extending it to 24 weeks.Mnuchin won't commit to further restrictions on big businessSen.
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