Testimony by Chair Powell on the Federal Reserve’s response to the coronavirus and the CARES Act

Note: Chair Powell provides an overview of the actions taken so far by the Fed.

From Fed Chair Jerome Powell: Coronavirus and CARES Act Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C.

The Federal Reserve’s response to this extraordinary period has been guided by our mandate to promote maximum employment and stable prices for the American people, along with our responsibilities to promote stability of the financial system. We are committed to using our full range of tools to support the economy in this challenging time even as we recognize that these actions are only a part of a broader public-sector response. Congress’s passage of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was critical in enabling the Federal Reserve and the Treasury Department to establish many of the lending programs that I discuss below.