Fed Chair Jerome Powell, speaking at the same hearing, said he agreed that grants would be more appropriate at this point to help at-risk businesses and families survive the winter.
They may need more help to get there,” Powell said, referring to restaurants, hotels and entertainment venues that have been the hardest hit by the pandemic.
“Some of these businesses - what they need is fiscal policy, a grant, to get through this last bit of the pandemic, rather than borrowing more,” Powell said.
In the medium term, with a vaccine on the horizon, there is “upside risk,” Powell said, but substantial uncertainty in the meantime about how much longer some families can hold out.
After weeks of deadlock over further government spending for pandemic relief, there may be renewed momentum towards some sort of deal.
Steven Mnuchin, Jerome Powell, Drew Angerer, ” Powell, Mnuchin, Nancy Pelosi
WASHINGTON, U.S, Federal Reserve, Banking, Housing, Urban Affairs, REUTERS, Banking Committee
Washington , DC, U.S