Federal Reserve Chair Jerome Powell on Tuesday (Jun 16) begins the first of two days of testimony before US lawmakers in which he will map out how ...
WASHINGTON: A full US economic recovery will not occur until the American people are sure that the novel coronavirus epidemic has been brought under control, Federal Reserve Chair Jerome Powell said on Tuesday as he began the first of two days of hearings before US lawmakers.
"The longer the downturn lasts, the greater the potential for longer-term damage from permanent job loss and business closures," Powell said. On Monday, the Fed launched its long-awaited Main Street lending program, which will offer up to US$600 billion in loans to U.S. businesses with up to 15,000 employees or with revenues up to US$5 billion.But as Powell reiterated on Tuesday, there will be no quick fix to healing the economy and he repeated that the Fed will use its full range of tools to help it recover.
There are currently roughly 20 million people unemployed as a result of the epidemic, which has killed more than 115,000 people in the United States, with minority communities among those hardest hit on both fronts.
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