Loans provided through the c. A. R. E. S. Act during the coronavirus pandemic. The House Small Business Committee held this hearing. I want to thank everyone for joining us this afternoon for our committees First Official remote hearing. I want to make sure to note some important requirements. House regulations require members to be visible through a video connection throughout the proceedings. So please keep your cameras on. Also, if you have to participate in another proceeding, please exit this one and log on later. You are recognized to minimize background noise. Over the last few months, the outbreak of covid19 has led to an unpresented Public Health crisis and dire economic crisis. We have lost over 10,000 people to the disease and 30 million remain unemployed. Back in february as the pandemic was getting worse, we knew we needed to take action to help our Small Businesses survive the economic downturn. We started working with the sba and governors around the country to leverage
Chairman Jerome Powell will update the committee on Monetary Policy develop and the state of the u. S. Economy. It has always been four months since the last Humphrey Hawkins hearing, but we are seeing a different economy today. One that has been racked by the physical and Economic Impact of the covid19 pandemic, and ensuing shutdowns. Chairman powell, you have stated that the Federal Reserve is strongly committed to using our tools to do whatever we can and for as long as it takes, to provide relief and instability to ensure that the recovery is as strong as possible. Additionally, the fed has purchased more than 2 trillion in treasury and mortgage began ins since midmarch. Because of this, the Balance Sheet has expanded to more than 7 trillion. Congress, the administration, and regulatory agencies have taken action to protect and stabilize the infrastructure of our Economic System. The cares act has been central to that effort, and recent stats indicate that our labors are working. I
Ratings to three additional firms that have significant business in particular sectors. It is three others who were also considered major. We understand that does leave some companies that do not have a rating. As we open these facilities, we are just in the process of opening, we are looking for an answer. An nisro and has not traditionally been used in this way. We are looking at options for what to do. I was like until you i wish i could tell you we had an answer. So you have not opened it yet but you have not foreclosed the possibility of finding a solution for this challenge. Powell we are still looking for a solution, yes. Any timeframe you can put on that . Powell we talked about it yesterday so we are working on it. Soon, i would say. Stress thatnt to there are dozens of companies with very strong Balance Sheets and employee tens of thousands of people across all of our states who for one reason or another choose not to go for a inlic Rating Agency but are many ways in the same
Them in a minute. I wanted to start just by saying that we are gathering at a time where we all as country, as these leaders in particular, are leading us as we go through moments of deep pain and anguish for so Many Americans. That has come to the floor in the last few weeks. A product of t is years and decades and even really centuries of unequal and unfair treatments. E murders of george floyd, breyonea taylor, ahmed arbery and Many Americans to shed light on systemic racism that is pervasive in our country. Black people are not safe here not when they go out for a job, not when they go out to church, not even when they stay in their own home and they are too often killed at the hands of police. Right now, our country is dealing with two diseases. One of them dozens of vaccines are on trial, medical professionals are working around the clock. And it is a global effort to become a common enemy. And still so many people are suffering and dying. For the other its a disease thats riddle
Talked about the rollout of the cares act saint the house and senate are both considering an extension of the eight week time frame for dispersing loans as part of the paycheck protection program. My first guest is democratic senator ben cardin, ringing member of the Senate Small Business and entrepreneurship committee. Our conversation will focus on a singular question, what should america social with workers and businesses be . Senator, great to see it. I know you have had a busy day. Let me just start, we had secretary mnuchin on this morning and we asked him about the ppp, Small Businesses and having oversight into how it is working. He said look, we will get to that discussion later and there is proprietary information that is involved but he gave no headway into what you have been working on it which to get more data and more transparency frankly into that program. What is the state of play as we talk right now . Well, millions of loans have been given out under the ppp program a