Mnuchin, Powell defend Washington’s COVID-19 relief measures
- 4 years ago
므누신•파월, 침체 장기화 우려…과감한 부양책 재확인
U.S. Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell spent most of their Tuesday in the hotseat... being grilled by senators on the Trump administration's two trillion dollar-plus COVID-19 rescue package.
They both defended it... and Mnuchin also warned that states need to reopen ASAP to prevent long-term damage to the American economy.
Lee Seung-jae reports.
During a Senate Banking Committee hearing conducted Tuesday via videoconference,... a number of senators questioned U.S. Treasury Secretary Steven Mnuchin and Fed chairman Jerome Powell on the need for the massive coronavirus relief package worth some 2-point-2 trillion dollars.
Powell,... who in an interview with CBS's '60 Minutes' on Sunday, indicated Americans need three to six more months of financial assistance,... told senators that more spending could stop the recession deepening.
Powell called on Congress to approve more programs to ensure economic growth,... while Mnuchin said he's still working to launch the relief programs that were authorized two months ago.
Another issue at hand was criticism the Trump administration is pressing to re-open the American economy too soon,... leaving workers vulnerable to the virus.
Mnuchin said, while no workers should give their lives to go back to work,... there could be permanent damage to the economy,.. if it isn't re-opened soon.
"There is the risk of permanent damage and as I said before, we're conscious of the health issues and we want to do this in a balanced and safe way."
While the unprecedented steps to shut down the U.S. economy has led to massive unemployment and other negative indicators,... Mnuchin remained optimistic the economy will improve as long as Americans safely start going back to work.
"Working closely with the governor's we're beginning to open the economy in a way that minimizes risk to workers and customers. We expect economic conditions to improve in the third and fourth quarter and into next year."
However,... little is known about the long-term effects of the relief packages and when the individual states will finally and fully re-open.
Lee Seung-jae, Arirang News.
U.S. Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell spent most of their Tuesday in the hotseat... being grilled by senators on the Trump administration's two trillion dollar-plus COVID-19 rescue package.
They both defended it... and Mnuchin also warned that states need to reopen ASAP to prevent long-term damage to the American economy.
Lee Seung-jae reports.
During a Senate Banking Committee hearing conducted Tuesday via videoconference,... a number of senators questioned U.S. Treasury Secretary Steven Mnuchin and Fed chairman Jerome Powell on the need for the massive coronavirus relief package worth some 2-point-2 trillion dollars.
Powell,... who in an interview with CBS's '60 Minutes' on Sunday, indicated Americans need three to six more months of financial assistance,... told senators that more spending could stop the recession deepening.
Powell called on Congress to approve more programs to ensure economic growth,... while Mnuchin said he's still working to launch the relief programs that were authorized two months ago.
Another issue at hand was criticism the Trump administration is pressing to re-open the American economy too soon,... leaving workers vulnerable to the virus.
Mnuchin said, while no workers should give their lives to go back to work,... there could be permanent damage to the economy,.. if it isn't re-opened soon.
"There is the risk of permanent damage and as I said before, we're conscious of the health issues and we want to do this in a balanced and safe way."
While the unprecedented steps to shut down the U.S. economy has led to massive unemployment and other negative indicators,... Mnuchin remained optimistic the economy will improve as long as Americans safely start going back to work.
"Working closely with the governor's we're beginning to open the economy in a way that minimizes risk to workers and customers. We expect economic conditions to improve in the third and fourth quarter and into next year."
However,... little is known about the long-term effects of the relief packages and when the individual states will finally and fully re-open.
Lee Seung-jae, Arirang News.