Fed And Treasury Urge Congress To Approve More Virus Relief

WASHINGTON: Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin urged Congress to approve COVID-19 relief funds without further delay, though Democrats continued to attack a decision by Mnuchin to allow five Fed lending programs to expire during the pandemic.
In his most direct comments so far, Powell told the House Financial Services Committee on Wednesday that it’s very important for Congress to provide economic support.
Without more assistance, Powell said, people will lose their homes and small businesses will fail.
We are hearing from all over that small businesses are really under pressure,” Powell told lawmakers.
There is no justifiable reason for taking these tools away, Rep. Maxine Waters, chair of the House panel, told Mnuchin.

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