U.S. Federal Reserve Chair Jerome Powell on Tuesday makes the first of three appearances on Capitol Hill this week to address lawmakers' questions and concerns about the raft of emergency measures the central bank has taken to blunt the hit to the economy delivered by the...
- U.S. Federal Reserve Chair Jerome Powell on Tuesday makes the first of three appearances on Capitol Hill this week to address lawmakers’ questions and concerns about the raft of emergency measures the central bank has taken to blunt the hit to the economy delivered by the coronavirus pandemic.
Tuesday’s hearing - six weeks before a presidential election for which the pandemic and the government’s response to it is a central issue - is before the House Financial Services Committee chaired by Democrat Maxine Waters of California. The economy has made “marked improvement” since the depths of the crisis, Powell said in his prepared remarks.
The Fed’s $600 billion Main Street Lending program has so far lent or is in the process of lending $2 billion to businesses that cannot otherwise obtain credit. Critics say the Fed and Treasury should loosen terms so more borrowers can tap in to the funds.
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