Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell are set to face the Senate Banking Committee today in the first accountability hearing since the passage of the historic CARES Act in March by theothersarahh
that the Treasury Department has spent very little of a $500 billion fund designed to help businesses and local governments weather the crisis.
Mnuchin also addressed the issue of the Treasury Department taking on a certain level of risk in backstopping loans: “We are fully prepared to take losses” in certain scenarios, he said.that the Federal Reserve and the Treasury have been too cautious in deploying rescue capital because they are trying to avoid losing money.the pool of eligible applicants.
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