Mnuchin: Working with House and Senate on additional financial relief by end of July

Author: Greg Michalowski | Category: News

Mnuchin and Powell speaking before House Financial Services panel

  • Hope to pass bill to repurpose PPP funds by the end of July with bipartisan support
  • Working with the House and Senate on additional relief by end of July
  • Expects China will live up to Phase I deal
  • US very concerned about lack of transparency from China regarding COVID

  • Banking system is very strong
  • Path of economy is highly uncertain
  • About 300 banks have entered registration process for Main Street Lending program
  • Will continue to look to see if there are ways to improve Main St. Lending program
  • Not looking to raise bank capital standards in crisis
  • A 2nd outbreak could undermine confidence

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