[indistinct conversations] quest legacies far enough down the line. I guess he is far enough down the line. The committee will reconvene. I will recognize myself for five minutes. I have asked staff to provide you with a cover with this. Hart when numbers are that far apart, mine and yours, i think the public and the record are deserving to know what we are talking about here. These chart are people who are traditional unemployment people. I think that is your number. ,hen you add the red to that with the contractors, you get up to about 27 million. We need to make sure we are talking about the same thing. People. King about all we would be more than happy staff and reconcile this afterwards. On ank if you add them up cumulative basis, as opposed to how many people are on employment assistance as of august 4, because there are more people here than there are unemployed but i would be happy to follow up and reconcile. Thank you. A couple of things that were said in the first round, i want to really clarify. Was he talking about, it is the democrats, reopening state governments. The fact is, many of us have cried out for a long time for a National Program, which we do not have. This is an international pandemic. To have a National Program in response to it, which we do not have. The states, all it is not reopen. It is not just democratic governors. Not reopening schools and businesses. Is every governor taking into account the Health Situation in their particular state. About, if thess democratic governors would reopen their states, i am looking forward to all 50 states reopening. We are not there yet. Though,like to ask these record high unemployment our economy is coming back extremely strong with a fantastic Third Quarter, i would ask that i have seen the headlines today. What a great day. Stock market is doing great and the investor class is doing fantastic. Ive represented an equal number. F people they are not feeling it. 1 wall st and thousands of main streets. They are not doing well. I have a real problem with us judging the economy based on someone new to percent doing millions, literally, being evicted. For three months now, not able to pay rent. People seeking merciful mortgages, no jobs and no food on the table. Into our factor them thinking when you talk about a great third order, and we are now in the final months of this great Third Quarter . How do you reconcile that . I agree with you that we are far from where we were in january. When we had a record economy. Still 10 Million People impacted by a loss of jobs as a result of this. Great is a relative term, relative to people thinking we would have 40 million unemployed, we are doing great. Relative to where we were in january, we have more work to do, particularly in certain areas of the economy that were hit very hard. That is why we support Congress Moving forward with more targeted measures especially for the people still impacted, through no fault of their own. It is not like the recession. It is a help Health Related issue. , if democrats in the house and we are for whatever reason, to the day today people, simply because we represent congressional districts, not states, a Smaller Group of people we work with, and we are concerns,dressing the these small, local governments, about to lay off people, which would then close down some local banks that i know, i spent 14 years before coming here. I know a bit about banks and what they rely upon. Takes saying we think it 3. 2 trillion to address the issue so local governors can be and you are proposing a 1 trillion program with no regard for state and local governments at all. We are saying lets find Common Ground and we are willing to come down for 23 . 2 trillion if you are willing to come up and included what youre doing state and local governments. Is that unreasonable . Sec. Mnuchin if the speaker wants to include you in the at the negotiating table, i would welcome you. Before, unprecedented bipartisan support. We spent 15 of gdp. Last time, we agreed to support state and local. The president and i have agreed for more money on state and local. Like any other negotiation, in my opinion, we should agree on areas we can agree and move forward for the benefit of the American People. That is what we are all here for. Whether it is 1 trillion or one point 5 trillion, its lets not get caught on a number. Lets move forward on a bipartisan basis now. Right outcome the is zero. Nobody does. Youo i can understand, agree that we need to have state included . Governments table some more money for bipartisan deal. It was in an effort to reach an agreement. As i said before, we could do multiple deals again. We do not know where the economy is going. Quickly to the American Workers. I think my time is expired. The chair recognizes mr. Jordan for five minutes. Dont they have some money allocated . S they also have access to Federal Reserve result a Federal Reserve facility. Wouldnt a smarter approach be legislation that my colleagues from our state put forward to give additional flexibility to state and local governments with that money . My understanding was it was targeted for a covid why dont they give flexibility . Additional dollars, money that could be used to keep a policeman on the force, keep that first responder. Why not just have that flexibility, does that make sense . We already have guidelines so money can be spent for firemen, policemen, health workers, first responders. But we do agree with you. Would support additional flexibility within legislation. It is so commonsense. The money is out the door and in some cases, a lot of money has not been spent. Give local governments the money to do this. An additional 3 trillion that the democrats want to spend. I have to run. Time thank you. Ms. Waters, do you need to unmute . Yes, the house passed a . 4 trillion 3. 4 trillion dollars for the heroes act. And at this point, you mentioned perhaps 2. 2, and i would like to ask the secretary whether or not you have agreed or support something in the neighborhood of 2. 2 as a compromise from your position. I do not but what is more important is what is the breakdown in getting money to American Workers and american kids, there are tremendous areas of agreement. What are those areas of agreement . On ppp, i want to thank you and others. I think the committees here in the senate have made improvements to the ppp going forward. I think there is an agreement on money for schools. There is an agreement on enhanced unemployment going forward. Maybe a slight disagreement on the amount. I think there has been an agreement on direct payments. Even an agreement on postal, which seems to have more excitement and more interest than ever in the history of time. There are plenty of areas of agreement where we may differ on unt, but again oni may, disagreement is city and state, is that right . Saying they have plenty of money. Why some want to be careful because i think it is hard to negotiate agreement in a public way. Say, we reviewed this with the president in order to get a deal done and other things that are very important for the american public, and even agreed to put more money on the table for cities and states. Schumerately, senator and Speaker Pelosi do not want to sit at the negotiating table unless we agree on a top line. My own opinion is we should go piece by piece in any area of legislation, we should have the house and the senate passed. A lot of discussion for worried,ple who are not agree that you are in essence defunding the police. Let me be clear. We are not Defunding Police or fire. We gave complete flexibility and they can use their money right now to pay policeman, fireman, first responders, instead of laying them off. That. State has with additional funding, we would be willing to provide more money. Say, they are using some of that money but for rental assistance. Evictionhem have moratoriums and those are over. We have not done anything for them in the federal government. The president of the United States in one of his executive orders did not give any support to hud and two other agencies to say to review this and take a look at this. Cities are stacking up to the plate to the degree they can. Cities are doing what they can to keep from putting people out on the sidewalk. When you talk about cities having money, you are talking about them looking at what to do or to take care of the heroes to dorst responders, what and how to be of assistance to those who need rental assistance. Do you think the cities and states have Unlimited Money to take care of everything that we are not taking care of . Did you know they are using soey to extend moratoriums people are not put out on the street . Did you know that . After the market closes, we will be releasing specific information from the administration on the moratorium. Withnk you will be pleased the impact. We did have bipartisan agreement about putting more money for rental assistance, again, we may differ on the amount, but i can essay we have i can say we have agreed with democrats on the idea of providing money for rental assistance. This is a targeted group you want to help. The forgiveness part seems more punitive than we need to have it. What are your thoughts . Mnuchin i want to thank the financial institutions, particularly the smaller institutions, a lot of institutions that were a billion dollars of assets or below 10 billion, we had over 300 cdfis that participated. We want to strike the right balance. People who have 20,000 loans, it should be easy to get forgiveness. Moving on to a different subject with regards to the package of the second round of the cares act 2. 0, everybody is talking about trying to negotiate it at the present time. I am surelyngs encouraging and hope you get in there, are dollars for Nursing Homes and hospitals, especially for testing. The continued testing that these institutions have to do is expensive, especially if you going throughovid the institution. The second group would be the schools. Most schools are financed to state funding. Groups of entities need some help, and i am hoping that will be included, and if you have thoughts, i would appreciate your thoughts. Moretary mnuchin we want testing for vaccines, i am working closely with mark meadows on the testing issue. We are pleased with the announcement last week. We are procuring 150 million tests that are point of care test that can be done right away. Five dollars a piece, costeffective. There will be enough that we can deliver them to every school so they can test students three times if needed. We will also send them to Nursing Homes, hospitals. We need more money for testing. We had more things lined up. , which isare testing now available, is critical and allows people to get results quickly, costeffectively, and on the 150 million tests, these will be paid for by the federal government and distribute it to the states to invest. My final question deals with the incentives we had, the 600 payment we had in regards to those unemployed. I am of the opinion that i would hope the next package, we basically not give incentives to stay home and not work, but we incentivize people to work through incentivizing businesses to hire or individuals to go back to work. Have you had thoughts along those lines . Mnuchin we had a series of proposals including tax credits to incentivize companies to hire people. These would be targeted to the hardest hit businesses that need help. I think it has to be a combination of having enhanced unemployment at the appropriate dollar level, and there are areas of the economy were the 600 is preventing people from being hired. I spoke to one company trying to hire 5000 people that is having a difficult time. They are having to pay their own workers 1000 per person to refer people. Employment andd incentives to rehire people, a combination of both. I appreciate that. A couple of my employers locally in my district could not hire anybody for any amount of money, it seemed like. When the 600 check went away, they have more applications for the jobs than what they can fill. It was an incentive to many people to find work, and to find that right balance of individuals who through no fault of their own are unemployed because they are in an industry hardhit. But to incentivize people at a level you are talking about to find that balance is critical to not incentivize them to stay home. That does not help the economy or help them as well. With that, i yield back. Recognizes mr. Velasquez for five minutes. Chairman. Ou mr. I would like to react to the comment made by secretary mnuchin. You said the economy was doing so well before covid. However, the Federal Reserve stated before covid even hit, 40 of americans do not have 400 in the bank for emergency expenses. To me, that is an economy that is working for the top, working well for those of the top. You that we need to those are the ones hardest hit by this pandemic. And the countries that have not been able to get back on track. I would like to discuss with you ,he Federal Reserve facility that facility was set up by you and others. Right . Secretary mnuchin yes. August report said the main Street Lending facility and one for loans, 50 million. Why is that . If the need is there, why only 14 loans, when in the cares act, we invested 75 billion. Act, in the cares we invested 75 billion. Why only 14 loans nationwide . Secretary mnuchin i want to commend the Federal Reserve because it is really really difficult to get a program like this up and running. We would have liked to have done it quicker. It was an extraordinary work it is now well. Our estimate is we will do 25 billion dollars to 50 billion of main street. A lot of business have been able to access Bank Financing and they wont need main street read and many businesses wont be able to access main street because they have significant problems. They dont need more debt. That is why the increase in the ppp is so important. Velasquez with the financial crisis killing every corner of our country and 28 million businesses, only 5 million got pp money and another three or 4 million got other money. So to have a facility such as that, and out of the 14 loans, oight were made in florida, tw were made in pennsylvania. Grasp, how can we explain, given the need, that only 14 loans have been made . What changes are going to be made to Federal Reserve lending programs to assist small firms that truly need it . Havetary mnuchin i dont the exact number. I will get it to your office. We are up to 1 billion in volume on the way to what we think is 25 billion to for billion dollars. It is up and running. There are a lot of loans in the system. We will get you the exact number this afternoon. It is way more than 14. Velasquez eight of the loans were made in florida and to to loans including the 50 million, were made in pennsylvania. I would like to see those numbers. What changes are you going to make to the program so that we can really assist the Small Businesses that need it the most . right now ithin is up and running. The banks are originating it. It took a long time. The fat will be rolling out a facility to extend it to nonprofits. Out a fed will be rolling facility to extend it to nonprofits. I think you will see a lot more volume in the next two months. Representative velasquez president trumps executive order related to housing does little to protect homeowners facing evictions and homeowners and renters facing evictions and foreclosures. It does not provide fair funding to help households struggling for their struggling to afford their housing costs. It merely directs you as well as secretary carson to identify bonds that could be used to provide temporary assistance to renters and homeowners. You andds have secretary carson identified . Thedo they come close to 162 billion that renters and homeowners are currently estimated to need . Secretary mnuchin our first choice is Bipartisan Legislation that allocates specific rental assistance to people hardest hit. Rolled out, see after the market closes this afternoon, specific guidelines that i think you will appreciate are significant in allowing moratoriums for people who certify they cant make their rental payment due to coronavirusrelated issues. Velasquez do you mean the executive order issued by the president was a pr stunt . Secretary mnuchin no. Quite the contrary. The executive order will rollout this afternoon. You will see very significant actions. We have a couple of billion dollars but dont have enough money. Very significant guidelines that will impact not just homeowners and renters that were in coronavirus. 40 millione up to renters in the United States. All that money it is not using money. It is using executive authority to create a moratorium. To have enough money, we need legislation. Because we do not have that, the president is using executive authority that would allow a moratorium so that people impacted by this do not get out of the rental homes. He would not take money out orsection eight vouchers properties to pay for this. Including restaurants, hairdressers, all concerned septembers rent. Many businesses have already taken out ppp. But are still in need of resources. 84 businesses in the northern s are seeingstrict district are seeing part of their pen seen the pediment shut down their businesses. Consider doing the same for commercial properties . We did but i do not believe we had the executive authority to do that. It is all the more reason i think the 130 billion we have left in ppp, lets get 250 billion dollars to help all of the businesses you specifically identified and many more that cannot make their rent or pay their payroll, no fault of their own. It is all covid related. Are you committed to work with me to make the changes guardrails sout this businesses are manageable, to access the program are not able to do so . Committee toe the move forward with standalone legislation. Lets get this passed and moved to the next issue. Five minutes has expired. Chair recognizes mr. Foster for five minutes. Thank you, mr. Chairman. Secretary,you, mr. For announcing yet anothers another exec