The hearing comes on the heels of a report from the new Congressional Oversight Commission that found the Treasury Department has spent little of the $500 billion Congress specifically appropriated for lending to businesses and state and local governments
Washington Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin will give their first report on the economic stimulus programs implemented by the $2.2 trillion CARES Act when they testify before the Senate Banking Committee on Tuesday.
. That includes $46 billion for the airline industry, none of which has been lent so far. Congress passed the CARES Act aid package about two months ago. It was meant to help support the economy and help people pay their bills as stay-at-home orders shuttered businesses. More than 36 million people have lost their jobs since the middle of March.
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