Mnuchin and Powell ask Congress to reallocate $300B in unused COVID-19 funds to aid households, small businesses


Mnuchin testified that the economy is experiencing the fastest recovery in modern history.  He believes that the stimulus made all the difference and more stimulus is needed.

In the midst of the news that 870,000 people filed for first-time unemployment benefits last week, Mnuchin said that the airline industry was no at-risk.

Mnuchin noted that the Treasury Department could not tap unused coronavirus lending authority to provide cash grants to help the airline industry avoid thousands of layoffs.

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“That is the downside risk of no further action. We don’t see much of that yet, but it could well be out there in the not-too-distant future,” Powell said.

Airlines have been pushing Congress for months to back a new $25 billion bailout. The March CARES Act provided $25 billion to prevent airline layoffs for six months. It expires on September 30th.


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