On Tuesday, May 19, Secretary of the Treasury Steven Mnuchin and Federal Reserve (Fed) Chairman Jerome Powell provided their first public update on the Coronavirus Aid, Relief and Economic Security (CARES) Act to the Senate Banking, Housing and Urban Affairs committee. During the hearing, Chairman Powell and Secretary Mnuchin offered differing contrasts to the future outlook of the economy with the Chairman advocating for more federal aid and the Secretary favoring a “wait and see” approach. Secretary Mnuchin also indicated that one of the Administration’s priorities right now is to get the economic programs that were authorized in the CARES Act established.

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