US Treasury Secretary Mnuchin is testifying before the Senate Banking Committee in a hearing entitled “The Quarterly CARES Act Report to Congress.”
Key takeaways
“Treasury wants to make sure that all companies have access to funding that are not eligible through current programs.”
“Treasury has a scenario within the Main Street lending program in which it loses all its capital and scenarios that show opposite.”
Treasury anticipates it will take some losses on Fed’s lending programs.”
“We want a bipartisan technical fix to the 8-week period to ensure more flexibility under the paycheck protection program.”
Market reaction
Market sentiment seems to have improved slightly in the last hour. As of writing, the S&P 500 and the Nasdaq COmposite were up 0.12% and 0.72%, respectively.
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