Mnuchin, Powell call for Congress to pass bipartisan coronavirus relief aid package

Mnuchin, Powell call for Congress to pass bipartisan coronavirus relief aid package

WASHINGTON, D.C. — The heads of the nation’s finances are urging Congress to quickly pass another round of coronavirus relief aid.

It comes as Congress remains at a months-long stalemate over negotiations for a second round of financial help.

U.S. Treasury Secretary Steven Mnuchin and Federal Reserve Board Chairman Jerome Powell told a House committee Tuesday that the economy is rebounding but said many Americans still need more help and need it fast.

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“I believe a targeted package is still needed,” Mnuchin said. “It should be focused on kids and jobs and areas of the economy that are still hard hit, particularly areas such as travel and restaurants.”

“We remain committed to using our tools to do what we can for as long as it takes to ensure that the recovery will be as strong as possible,” Powell said.

Democrats criticized the Fed’s handling of the programs meant to help small businesses under the CARES Act and said the Trump administration hasn’t done enough for those in need of emergency rental assistance.

“Let me be blunt. This pandemic response has fallen badly short,” said Rep. Maxine Waters (D-California).

Republicans defended the President’s actions and steps taken by the Fed, pointing to a drop in unemployment.

“This Federal Reserve’s response to this unprecedented pandemic is top-notch. It is fantastic,” said Rep. Patrick McHenry (R-North Carolina).

House Speaker Nancy Pelosi has said the House wont' go on break until Congressional leaders and the Trump administration reach another deal.

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