12/1/2020, 5:27 PM (Source: TeleTrader)
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Powell, Mnuchin see bipartisan bill as positive development

Federal Reserve chairman Jerome Powell and Treasury Secretary Steve Mnuchin both reiterated on Tuesday the importance of passing an emergency coronavirus relief bill, applauding efforts of a bipartisan group of congressmen on drafting a roughly $908 billion proposal.

In their testimony before the Senate Banking, Housing and Urban Affairs Committee, Powell said the bill covers some of the areas that need help and "are to experience a challenging winter." Mnuchin on his part told lawmakers he looks forward to reviewing the bill as he hopes a package will quickly pass Congress.

Powell also affirmed the Fed's willingness to continue to use its tools to the full extent, while again urging direct help to businesses, many of which need grants in order to get through the crisis.

Breaking the News / JC