Testimony on the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is set to be delivered during a Senate Banking Committee hearing Tuesday by Federal Reserve Board Chair Jerome H. (“Jay”) Powell and Treasury Secretary Steven Mnuchin.
The 10 a.m. ET hearing, titled “The Quarterly CARES Act Report to Congress,” will be held remotely and webcast live.
The CARES Act includes numerous provisions addressing oversight of the funds disbursed under the programs it authorized to help mitigate the economic impacts of the coronavirus pandemic. Among these, as noted in a letter from Senate Banking Chairman Mike Crapo (R-Idaho), is that the Treasury secretary and Fed chair testify quarterly basis before Senate Banking and the House Financial Services Committee regarding the Treasury’s obligations, and transactions entered into, under the CARES Act.