Main street lending programs should be ready by the end of the month, says Fed Chairman to Congress

Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin are testifying on Tuesday morning before the Senate Banking, Housing and Urban Affairs Committee.

In their opening statements, Powell said he will use the central bank’s tools in whatever way necessary to aid the country's economy, Mnuchin said the White House is working hard to get the country reopened in a responsible way.

The (virtual) appearances of the two men are the first in what will be quarterly hearings to discuss the CARES Act, which has allocated trillions of dollars in direct funding, loans and liquidity to American markets and the economy during the coronavirus pandemic.

"Through no fault of their own, the American people are enduring economic challenges," said Secretary Mnuchin as he began his testimony. 

"It is important to realize that the large (jobless) numbers represent real people. This is why it is so important to begin bringing people back to work in a safe way," he continued.