US Treasury Secretary Mnuchin: I strongly encourage Congress to use the $455 billion in unused funds from the CARES Act

Anil Panchal FXStreet

Alike Fed Chair Powell, US Treasury Secretary Steve Mnuchin also released a prepared speech to be presented before the US Senate Banking Committee, for testimony, during the late-Monday. The diplomat testified for the economic need of America while pushing for $455 billion to be used from the CARES Act.

Additional comments

I am pleased to join you today to discuss the Department of the Treasury’s unprecedented response to support the American people throughout the coronavirus pandemic.

We continue to work to implement the historic CARES Act with speed, efficiency, and transparency, but our job will not be complete until we get every American back to work.

When I last testified before you in September, I stated that America is in the midst of the fastest economic recovery from any crisis in U.S. history.

I am proud to say that while there is more work to be done, that statement is even more true today. In the third quarter, GDP grew by 33.1% at an annual rate, beating all expectations and nearly doubling the previous record set in 1950.

Based on recent economic data, I continue to believe that a targeted fiscal package is the most appropriate federal response.

I strongly encourage Congress to use the $455 billion in unused funds from the CARES Act to pass an additional bill with bipartisan support.

The Administration is standing ready to support Congress in this effort to help American workers and small businesses that continue to struggle with the impact of COVID-19.

FX implications

US dollar des the latest recovery moves after comments from the US policymakers suggest further hardships for the world’s largest economies.

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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