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Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin are testifying Tuesday before the Senate Banking, Housing and Urban Affairs Committee.
The appearances are the first in what will be quarterly hearings on the CARES Act used to provide rescue funding in response to the coronavirus pandemic. The Fed and Treasury have teamed up to provide trillions of dollars in direct funding, loans and liquidity to markets and the real economy.
In prepared remarks, Powell pledged to use the central bank’s tools in whatever way necessary, while Mnuchin said the White House is working to get the country reopened in a responsible manner.
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