First, i would ask all members on the webex platform to keep themselves muted when theyre not being recognized. This will minimize disturbances while members are asking questions of our witnesses. Members on the webex platform are responsible for muting and unmuting themselves. The staff have been instructed not to mute members except where a member is not being recognized and there is inadvertent background noise. Members on the platform are reminded they may only attend one remote hearing at a time. So if you are participating today please remain with us during the hearing. Members should try to avoid coming in and out of the meeting particularly during the question period. If during the hearing members wish to be recognized the chair recommends that members identify themselves by name so as to facilitate the chairs recognition. I would also ask that members be patient as the chair proceeds given the nature of the Online Platform the committee is using. In addition the chair informs the members participating in person that in enforcing order and decorum in the hearing room the chair has a duty to protect the safety of members. The attending physician provided the following guidance. For u. S. House of representatives meetings in a limited and closed space such as a Committee Hearing room for greater than 15 minutes face coverings are required. Accordingly the chair will treat wearing a mask as an order and decorum and all members should wear a mask. The chair has a strong preference for member tuesday wear a mask even while not recognized. Members who do not wish to wear a mask may participate virtually through the webex platform. Before going any further i would ask unanimous consent to speak out of order and i suppose this would be a personal privilege. I would like to take a minute to acknowledge the departure of a staff member. Lisa has been with the committee for 8 years working her way up from a fellow to the committees chief counsel. She has been a dedicated, tireless and committed Public Servant with a keen understanding of procedures and a deep knowledge of the legislative process. Under lisas guidance the Committee Democrats successfully transitioned from minority to majority, and then lisa was instrumental in the committees transition fum inperson hearings to virtual and hybrid ones. Lease s has accomplished so much. Lisa has been a valued member of my team and i will miss her dearly. So i want to thank her for her service and wish her the best in her endeavors. I now recognize the Ranking Member to speak out of order. Thank you, madam chair. And as we all know and as we grow in our service here we know how important having staff is to this whole process. How essential it is you have good staffers who are going to represent their members perspective. And i will tell you lisa has been a fierce advocate for her principle perspective. In negotiations shes not wavered in her view, but her view being the chairwomans view, but at the same time being cordial enough to have a conversation and maintain relationships. That is a priceless bit of art that is representative of lisas character. And we were grateful that, lisa, weve been able to work with you. We wish we had been more successful in our negotiations with you personally. But it is due to your talent. It is also due to your knowledge. So we thank you for your service to your country, to our country, to this institution and to this committee. And i know Committee Democrats especially will miss you. Committee republicans wont miss you quite as much, but we are certainly grateful for the relationship that weve all been able to have with you, lisa. And so congratulations to you on your son and your new family, and we hope your time away will be but temporary from public service. But thank you for your service to this country and institution. And i yield back. [ applause ] thank you very much, mr. Ranking member. This hearing is entitled oversight of the Treasury Departments and the Federal Reserves Pandemic Response. This hearing is the committees second quarterly hearing required by the cares act for oversight of the various facilities and programs under the act. I now recognize myself for 4 minutes to give an opening statement. So welcome back chair powell and secretary mnuchin. Since you last testified before this committee in june the Coronavirus Crisis has continued to have a catastrophic impact on communities across the country. Nearly 200,000 people in the United States have lost their lives to the coronavirus, and there have been over 6. 8 million cases. Millions of families are struggling to make ends meet during this crisis and are on the verge of eviction. Over a million Small Businesses which are the lifeblood of our economy has shut their doors. As families across the country are looking to washington for leadership. The Trump Administration has utterly failed in its economic response to this virus. With 32 of renters unable to make their full september rent payment at the beginning of the month according to apartment list. And back rent piling up. The need for emergencyal assistance to prevent a crushing wave of evictions is growing every day. Instead of rental assistance the Trump Administration has issued a centers for Disease Control and prevention action that temporarily prevents evictions for some renters but only after they sign documents that potentially exposed them to litigation and criminal penalties. Meanwhile, the unpaid bank rent continues to aview. Meaning that the Trump Administration is simply delaying not preventing evictions. The heroes act which passed the house in may to prevent those evictions and provide other critical relief is gathering dust on Mitch Mcconnells desk. I said before that im pleased that after calls of members of this committee, the raegsy and Small BusinessAdministration Made adjustments to the Paycheck Protection Program to ensure that Community Development of Financial Institutions are able to provide loans to the communities they serve. And i appreciate that the Federal Reserve has expanded several programs, but im frustrated with the Trump Administrations implement agsz of pandemic relieve based on the concerns i continue to hear. Specifically im very concerned that much of the 500 billion congress allocated in the cares act to treasury most of which was to support fed lending to help businesses, nonprofits, state and local governments has gone unused. Were almost 6 months after the passage of the cares act and a mere 0. 2 of main Street LendingProgram Funds and 0. 3 of Municipal Liquidity facility funds have been put to use. This is unacceptable. Secretary mnuchin, chair powell, let me be blunt. This Pandemic Response has followed badly short and the Trump Administration has done everything to pass a relief package or address the Major Public Health or economic crisis we face. Your work to address this crisis doesnt stop when the stock market recovers from this crisis. Before i close let me just say i just learned today that there are 40,000 students that have been infected with the virus. That shakes me. And we still have people who are forcing schools to open and not do distance learning. I dont get it. And i didnt know until today that that many students had been infected. So im very, very concerned. I now recognize the Ranking Member of the committee, the gentleman from North Carolina for 4 minutes. We all know that testing, treatment and therapeutics need to come online for full economic recovery. That is moving at pace, at unprecedented space i would say, not just globally but here in the United States with great innovators. And the coordination between the Public Sector and private sector has been the best its ever been in generation. And this administrations response to this unprecedented pandemic, this Federal Reserves response to this unprecedented pandemic is topnotch. It is fantastic, the delivery that secretary mnuchin was able to provide on ppp, which supported 51 million jobs and issued over 5 million loans to Small Businesses impacted by covid. That was the direct intervention of the secretary secretary and his team at teshry. They stood up more facilities than they did in decades prior oo this pandemic. So i would give the federal research an aplus to its initial response and where we are. And just because congress cant get its act together and compromise, see a way through so we can provide these people that are still hurting because of this voluntary shutdown of our economy because of this health crisis, we need to give those people relief, and we need to come to terms. That means democrats and republicans need to move to the middle. And i would commend the secretary on his willingness to move forward on behalf of the American People even in the midst of crazy politics were experiencing and people shouting in the streets and threatening violence because they dont like political perspectives. So i would commend him for being willing to negotiate where others have walked away like Speaker Pelosi and leader schumer saying 3 trillion is all well accept and nothing less is acceptable. We need to compromise for those people out of work in this Global Health pandemic. Let me finish with this. What we saw at the end of last year was the best economy of our lifetimes. We had household wage growth at almost 7 in 2019. Households were feeling wealthy for the first time in a very, very long time in my state of North Carolina and across the country. We need to do that again. We know that were in the midst of this health pandemic. We know that therapeutics are coming online, treatments, techniques are much better than they were at any time since march. And those things are coming along. And maybe therell be a vaccine, maybe. But we need to have treatment and testing at wide scale so that people can get back to some semblance of economic life. But what i would like to hear today is the limits of the Federal Reserves actions and activities and where congress should act. Because Monetary Policy simply cannot do the same thing that fiscal policy can. And on the fiscal side of the house, secretary mnuchin, id like to hear the economic plan from this administration on how we get past when we get past this awful, awful scourge of covid, what that economic recovery must entail to get people back in a position they were in in 2019 or even in january or february of this year. I think theres a good story to tell and a hopeful story to tell if we can Work Together and get things done. I look forward to your testimony. I yield back. I now recognize the chair of the subcommittee on oversite and investigation, mr. Green, for one minute. Thank you, madam chair. I would like to associate myself entirely with your comments, and i would only add this. That the stimulus, the Economic Impact statements must be made because the rent must be paid. Yesterday the goa reported that the Treasury Department lacks uptodate information on the number of eligible recipients who have yet to receive their eip Economic Impact payments. This new report follows previous goa findings dating back 2020 t in the traditional employment relationships such as those working in the gig economy may be missing from the irs eip outreach. This is very difficult to know who is being left behind and there may be millions in the number. I say again, the rent must be paid against the eip payments must be made. We put persons at risk of being evicted at a time of a pandemic still taking lives in this country. I do believe that this can be done but i do know that we must have more help to make sure the rent is paid. The eip payments are already there and we need to make sure that the people who need them will get the funds. I yield back. I now recognize the subcommittee Ranking Member mr. Barr for one minute. Thank you secretary mnuchin and chairman powell for appearing before the committee today and our continued efforts to battle the covid19 pandemic. Treasury and the fed acted swiftly to stabilize the economy and keep businesses open and continue the credit markets and promote longterm recovery. Since you last appeared before this committee to testify on the c. A. R. E. S. Act implementation, the economy has improved. Unemployment has decreased. Half of the jobs last in the early days of the pandemic have been added back to the labor market and our economy is safely reopening. We are on the road to recovery. Policies put into place by treasury and the fed and both actions put the economy on a more stable footing. However important sectors including hospitality, conventions, entertainment and retail remain in distress and there are elements of your responses to the pandemic that could still be adjusted as we move forward. I look forward to discussing those today and hearing your plans to implement a strategy for longterm Economic Growth. Thank you. I want to welcome todays witnesses to the committee. First, i want to welcome steven t. Mnuchin, secretary of the treasury. He has served in his current position since 2017. Mr. Mnuchin has testified before the committee on previous occasions and i believe he does not need any further introduction. I also want to welcome our other distinguished witness, jerome powell, chair of the Federal Reserve system. He has served on the board of governors since 2012 and chair since 2017. Chair powell has testified before the committee and i believe he also does not need any further introduction. Without objection, your written statements will be made part of the record. Each of you will have five minutes to summarize your testimony. When you have one minute remaining, a yellow light will appear. At that time, i would ask you to wrap up your testimony so we could be respectful of the committee memberstime. Secretary mnuchin you are recognized for five minutes to present your oral testimony. Thank you. Chairman waters, Ranking Member mchenry and members of the committee, im pleased to join you today to update you on how the department of the treasury and the Federal Reserve have been partnering over the last six months to provide relief and liquidity to businesses and nonprofit organizations and state and local governments and households. Were fully committed to getting every american back to work as quickly as possible. America is in the midst of the fastest economic recovery from my crisis in the u. S. The august jobs report showed the economy has gained back 10. 6 million jobs since april and nearly 50 of all jobs lost due to the pandemic. The Unemployment Rate decreased to 8. 4 , a notable achievement considering many people thought it could get as high as 25 . Thanks to the programs provided by the c. A. R. E. S. Act, we never got close to that figure. I believe well see tremendous growth in the Third Quarter fueled by strong retail sales, housing starts, home sales, manufacturing growth, and increased business activity. The september blue chip survey projects close to 24 for Third Quarter gdp. The administration and congress Work Together on a bipartisan basis to deliver the largest Economic Relief package in american history. The Federal Reserve has been instrumental to the recovery by implementing 13 unique lending facilities. Economic reopenings combined with the c. A. R. E. S. Act have enabled us to have an economic rebound but some Industries Hard hit by the pandemic require additional relief. The president and i remain committed to providing support for American Workers and business. We continue to work with congress on bipartisan basis to pass a phase four relief program. I believe a targeted practice is still needed and the administration is ready to reach a bipartisan agreement. Treasury has been working hard to implement the c. A. R. E. S. Act with transparency and accountability. Weve released a significant amount of information on our website, treasury. Gov and usaspending. Gov. The Federal Reserve has posted information on its website regarding the lending facilities. We have provided regular updates to congress marking the sixth appearance before congress for a c. A. R. E. S. Act hearing. Were cooperating with the treasury Inspector General and the congressional over Sight Commission and the gao. We appreciate the significant resources to responding. We remain co