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Mnuchin and Powell back jobless aid, small business loans

WASHINGTON (AP) — Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell said Thursday that the government’s top priorities in any new economic relief package should be to provide affordable loans to small businesses and further support for millions of Americans still unemployed.

With the prospects for any new federal aid package appearing dim, members of the Senate Banking Committee pressed both officials to list improvements that could be quickly made in the nearly $3 trillion in support that Congress has passed to fight the pandemic-induced recession that has nearly 11 million people still jobless.

Democrats on the panel urged Mnuchin, one of the administration’s top negotiators, to work harder to persuade Republicans in Congress to raise the amount of money they would be willing to support in a new bill. And Republicans urged Democratic members to consider a lower amount that might clear both the House and Senate

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Mnuchin and Powell back jobless aid and small business loans | WGN Radio 720

Treasury Secretary Steve Mnuchin testifies during the Senate’s Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress on Capitol Hill, Wednesday, Sept. 24, 2020, in Washington. (Toni L. Sandys/The Washington Post via AP, Pool)

WASHINGTON (AP) — Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell said Thursday that the government’s top priorities in any new economic relief package should be to provide affordable loans to small businesses and further support for millions of Americans still unemployed.

With the prospects for any new federal aid package appearing dim, members of the Senate Banking Committee pressed both officials to list improvements that could be quickly made in the nearly $3 trillion in support that Congress has passed to fight the pandemic-induced

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Continue Reading Mnuchin and Powell back jobless aid and small business loans | WGN Radio 720
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Road to Recovery Is Long, but Powell and Mnuchin Laud Improvements

U.S. Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell share an elbow bump greeting Tuesday, prior to testifying before a House Financial Services Committee hearing on oversight of the Treasury Department’s and Federal Reserve’s coronavirus disease pandemic. (Pool photo by Joshua Roberts/Reuters)

WASHINGTON (CN) — Over half of all jobs lost in pandemic-hit America have yet to return, but Treasury Secretary Steve Mnuchin and Federal Reserve chairman Jerome Powell offered hopeful analysis on the state of economic recovery Tuesday amid stalled relief talks in Congress.

Powell told members of the House Financial Services Committee that 11 million of 22 million Americans laid off thanks to the Covid-19 pandemic have already gone back to work.

“That’s really good progress. We’ve put, fully, half of those people back to work,” he said, adding that full recovery will still require getting a handle on the virus. 

The Bureau of Labor Statistics

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