Monday, 26 Oct 2020

Fed's Powell to testify on CARES Act before House committee next week

WASHINGTON (Reuters) – U.S. Federal Reserve chair Jerome Powell will testify before the U.S. House of Representatives Financial Services Committee on Tuesday at 12:30 p.m. EDT (1630 GMT), the Fed announced on Thursday.

The Fed chair will provide testimony on the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, under which the Fed set up several new lending facilities to bolster the economy during the coronavirus pandemic. The law requires periodic congresional hearings to review the programs.

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