Good afternoon and welcome. I want to take a few brief opening remarks and then ill turn it over. Then ill turn it over to Ranking Member sanders. We are here today to consider, to serve as the nest director of budget. To serve as the director since there were 20. Teen President Trump nominated him in march as the nations facing a unprecedented crisis, both health and economic from the covid crisis. The office of management and budget paint played a key part, in addition to building the president s annual budget we also to do financial, management grants management, information technology, program assessment, and Property Management just to name a few. Given the vast responsibility over the organization its important to have a senate director in place. Before we hear from the Deputy Director of want to discuss our response to the coronavirus pandemic. Congress working with the president to provide needed relief for individuals and businesses and state and local government on a series o
Massive local tax increases. Anyone of those alone threatens to make this economic crisis even worse and the combination of all three is almost unthinkable. The bureau of labor statistics just reported that state and local governments laid off nearly one million workers in april. That is almost one million firefighters, police officers, teachers, Emergency Personnel that should be on the front lines of the Public Health crisis but are sidelined instead. Chairman powell, let me start by asking, do you agree that our economy will get worse if state and local governments are forced to lay off even more firefighters, teachers, any and Emergency Personnel . Let me say what we are doing. We have a liquidity facility that is there to address the shortterm liquidity needs that these entities have because of their loss of revenue due to the effects of the pandemic. That is really the tool that we have. I appreciate that. That is not my question. States,ion is if counties, and municipalities con
This is a different world were facing. The pandemic has taken tens of thousands of americans and infected more than 1. 5 million and infected every single one. It focuses early on the security to the past few months. Including the nominee [inaudible] it is very different than my time in chairman. Those of you that are there in person and we do not we have previously provided guidance to reiterate care. The recommended social distancing. [inaudible] [inaudible] [inaudible] before he turned to the intervention i appreciate [inaudible] in the role with Energy Innovation including nuclear and Energy Efficiency renewable. We help create. That experience with the responsibilities and the decisions. Having full view of the department and everyone during this covert pandemic. [inaudible] non[inaudible] there will be situations that are uniquely situated during this pandemic. We thank you for that thank you, madam chairman and we want to thank you for holding this hearing and mr. Menendez nomin
To this virtual hearing the honorable steven mnuchin, secretary of the department of treasury and the honorable jerome powell, chairman of the board of governors of the Federal Reserve system. We will receive testimony from the secretary of the treasury and the chairman of the Federal Reserve as required under title iv of the cares act. Congress has appropriated 3 trillion to protect and support americans to fight the pandemic and also to stabilize the infrastructure of our economic system. A large portion of this funding is authorized under title iv of the cares act which provides resources for loans, guarantees, and other investments from treasury and the Federal Reserve 13. 3 emergency Lending Facility and programs in support of eligible businesses, states, municipalities, and tribes. Title iv of the cares act provided 454 billion as an infusion into the Exchange Stabilization fund to support the Federal Reserves emergency lending facilities that facilitate liquidity in the marketpl
Participates in the citys planning process. Every five years theres a Strategic Plan and we also prepare annual action plans. Director mcfadden presented that to you earlier in the fall and provided an update a couple months ago. That plan covers all of the departments work, all of its programs. We also have a fouryear planning cycle that was established by the dignity fund. This includes Community Needs assessment and fouryear funding plan. That process covers all Services Eligible to serve funds from the dignity fund. Its looking at about 70 million. And then the area plan were talking about today is similarly focused on mostly Community Based services. We get 7 million from the state for those services. Thats about 10 of the budget for the office of Community Partnerships. As much as possible, we try to align these efforts, and an example of that is the Needs Assessment from the dignity fund is the primary Needs Assessment informing this area plan. Similarly, the departments Strateg