Powell to make last-ditch effort on COVID-19 relief
Federal Reserve Board Chairman Jerome Powell will head to Capitol Hill this week for three days of testimony in what will likely be his last chance to try to push Congress toward another coronavirus relief bill before Election Day.
For months, Powell has told lawmakers that the Fed has "lending powers, not spending powers," and that significant COVID-19 aid is needed sooner rather than later. Without it, Powell warned as recently as last week, millions of Americans may continue to suffer from joblessness and homelessness despite a gradual improvement in the economy.
"That will start to show up in economic activity. It'll also show up in things like evictions and foreclosures and things that will scar and damage the economy," Powell told reporters following the Fed's final policy meeting before the elections.
Powell is set to make the case for stimulus this week before three congressional committees. But the close ties between Powell and lawmakers that won the Fed wide bipartisan praise and billions to backstop the crisis response early on in the pandemic may yield little progress toward his goal.
https://www.msn.com/en-us/news/politics/powell-to-make-last-ditch-effort-on-covid-19-relief/ar-BB19i9e3?ocid=NL_ENUS_D1_20200922_2_2
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