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Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin head to Capitol Hill on Tuesday for the first of a two-day trip to provide mandated updates on CARES Act funding.
The $2.2 trillion rescue package has gone created a variety of programs aimed at helping the U.S. economy get through the coronavirus pandemic.
In prepared remarks, Powell said the Senate Finance Committee that the Fed's portion of the money has served as "a backstop to key credit markets and have helped restore the flow of credit from private lenders through normal channels."
However, Mnuchin has pulled the plug on many of the programs the Fed has used, and he said the unused funds would be better spent elsewhere.
Read more:
Powell stresses importance of lending programs, calls economic outlook 'extraordinarily uncertain'
Federal Reserve says key bank lending rate will be phased out by June 2023
Mnuchin says people are misunderstanding Fed funding decision, there's plenty of firepower left
