Mnuchin and Powell – on additional economic assistance in connection with the coronavirus

The Treasury Secretary assured that the administration is ready for a bipartisan agreement.

Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell, speaking to the House financial services committee on Tuesday, said that the economic assistance allocated to the pandemic contributes to a robust economic recovery, but noted the need for additional funds.

Mnuchin said the US economy is recovering faster than after any other crisis in history, and predicted significant growth in the third quarter on the back of increased business activity.

“The recovery is progressing at a solid pace because the administration and Congress have worked together on a bipartisan basis to deliver the largest economic aid package in American history,” he said. “The Federal Reserve has also played an essential role in the recovery by introducing 13 unique credit mechanisms.”

At the same time, the Minister stressed that “some industries, especially those severely affected by the pandemic, need additional assistance.”

According to him, the administration continues to work with Congress to adopt the fourth package of economic assistance. “The administration is ready to come to a bipartisan agreement,” he said.

“Full recovery is likely to occur only when people are confident that it is safe to return to a wide range of activities, “said Powell.” The way forward will depend on when the virus can be brought under control, as well as on political actions taken at all levels of government.”