May 14, 2020 - Economy

Mnuchin, Powell to testify next week

Mnuchin and Powell.

Photo: Kim Kyung-Hoon/AFP via Getty Images

Treasury Secretary Steven Mnuchin and Federal Reserve chairman Jerome Powell will both testify before the Senate Banking committee next Tuesday as part of oversight of the CARES Act, which requires them to give quarterly updates to Congress on economic programs.

Why it matters: The Treasury and the Fed have been closely linked amid the downturn. Mnuchin at one point was speaking to Powell "30 times a day." This hearing will be the first time since the coronavirus crisis began that the pair will publicly — albeit virtually — appear together.

What to watch: Mnuchin has cautioned against moving too quickly with additional stimulus. Powell said this week that more fiscal action is needed.

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