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.
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.
US dollar des the latest recovery moves after comments from the US policymakers suggest further hardships for the world’s largest economies.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.