Mnuchin defended the administration's track record on disbursement of money from the $2 trillion CARES Act passed by Congress to aid struggling businesses, industries and individuals.
US Treasury Secretary Steven Mnuchin speaks at a State, Foreign Operations and Related Programs Subcommittee hearing on "Department of the Treasury Budget Request for FY2021" in the Rayburn House Office Building on Capitol Hill March 11, 2020 in Washington, DC.WASHINGTON – Treasury Secretary Steven Mnuchin told senators Tuesday that both Treasury and the Fed are "fully prepared to take losses in certain scenarios" on the capital remaining to be distributed from the CARES Act.
In his opening remarks, Mnuchin acknowledged what he said were, "unprecedented challenges the American people are experiencing due to the COVID-19 pandemic. This disease is impacting families and communities across the nation. Through no fault of their own, the American people are also enduring economic challenges."
"We have worked closely with the Small Business Administration on the Paycheck Protection Program to ensure the processing of more than 4.2 million loans for over $530 billion to keep tens of millions of hardworking Americans on the payroll," Mnuchin said, according to his prepared remarks.
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