but ina of american treasury bonds. the us economy, let alone the global economy, let alone the global economy is so battered, the economic consequences of that kind of move could be absolutely devastating, not to mention the destruction it would do to the credibility of the united states and the us dollar. so there are plenty of hawks in the trump administration, there are lots of tough measures that are in the pipeline, but it doesn't appear that there is real retaliation to be had. 0k, fascinating insight and perspective, thank you very much for your time, danny russel. i promised we would get more from our north america correspondent david willis who is love for us and i am pleased to say i can speak to him now. let's go back to our top story. that new drug that has been given approval, tell us what is and what kind of approval has got? well donald trump in the oval office today said that this drug, remdesivir had been approved or had been granted authorisation for emergency use, to treat coronavirus outbreak, presi

something wrong with german people, then you argue for an occupation something like what , the american treasury secretary argued, to break germany up to its 1648 borders, remove it from having a central government. if you think it is balance of power issue, you want to put resources into germany so germany can balance the soviet union, which looks like an emerging threat. if not an enemy quite yet. and these guys know it. they all remember versailles. the treaty of versailles is not something that happened hundreds of years ago. they know it. they come in and say, we have another bite of this apple. if we do as badly as they did 25 years ago, we are going to screw it up and create a third world war. the american decision is there's not going to be a single treaty that comes out of it, because they don't want to do what wilson had to do. there is going to be no set reparations so we can adjust whatever we have to do economically as we go, and we are going to have three parties represented. the whole world is not going to come. france doesn't come, poland doesn't come. just three countries. that'

period treasury secretary steve nugent of the future of the american economy and says there is a strongelihood the u.s. would need another coronavirus stimulus package. he also promised to review any aid loans that were more than $2 million. this was hosted by the hill newspaper.

they look at the simmering tension between american china. treasuries drifting. for more on everything, we are joined by kit juckes, societe generale specialist. is it going to be inflationary or should we not worry about it now? >> it may be five years down the road. we have a challenge there. theink right now, devastation of the labor market devastationn the of our ability to produce things. the devastation on people's incomes, savings, confidence in their futures is bigger than our inability. history, there weren't any workers because they are died. this is the polar opposite. we are not going to be spending enough money because we know we have been -- what we have right now, certainly -- francine: talk to me about the fed. jerome powell does not like the idea of negative rates. >> if i had to guess, no. the u.s. has a lot of options. there are still plenty of fiscal options. rates are going to be really low for a really long time. the financial market inevitably prices in lower rates. at think the u.s. can avoid it. i would say, nobody wants negative rates. n

period treasury secretary steve nugent of the future of the american economy and says there is a strong likelihood the u.s. would need another coronavirus stimulus package. he also promised to review any aid loans that were more than $2 million. this was hosted by the hill newspaper. >> mr. secretary, thank you for joining us this morning. i want to get right to the news. 2.4 million new jobless claims of unemployment this morning, several senate republican said yesterday they want to see some action now on the next relief package. is another package necessary and if so, when. >> well, let me comment first of all, i'm very sympathetic to the people who are not working at no fault of their own because we close down the economy and as we slowly reopen the economy in a safe way we will get people back to work. in the current cares package there is several parts of it that are designed to help those american workers. one is the ppp and getting people back to work through that process. the other is the economic impact payments which are the direct payments and finally be enhanced on employme

. >> reporter: the april jobs report was historically dismal. 24.5million american jobs lost. treasury secretary, steve mnuchin said it may not even be worse of the coronavirus crisis. >> we're focused on rebuilding this economy. >> reporter: as for another stimulus, white house economic adviser, larry kudlow says wait to see the results of the previous package. >> many people would like to just pause for a moment, and take a look at the economic impact of this massive assistance program. >> reporter: this, as president trump urges states to move forward with getting back to business, even as concerns hit close. >> we've all been exposing ourselves to risks, under the best guidance we could possibly have to keep safe. but we're willing to take that chance. >> reporter: researchers at the university of washington warn of greater risks as states reopen. in washington, karen kafa kpix 5. >> at least 47 states have now loosened their coronavirus restrictions. >>> taken from a san francisco doctor who was returning home from volunteering in new york. take a look. ethan weiss tweeted this ye

as lawmakers have to weigh the risk of permanent economic damage against the health of american workers. the treasuryotely before the senate banking committee that is overseeing $2 trillion in federal relief. sharp questions from ohio democrats. brown accused the trump administration of rushing to reopen without consideration for worker safety particularly at places like meatpacking plants. >> there is considerable risk of not reopening and keeping some businesses close can cause permanent economic damage and how many workers will die if we send them back to work without the protection they need? >> we don't intend to send anyone back to work without protections and i was prepared to come there today. >> how many workers should give their lives to increase the gdp? >> no one should give their lives to do that and i think your characterization is unfair and we have provided enormous amounts of equipment and her work with the governor. >> also testifying jerome powell . he said congress shinning

>>the april jobs report was historically dismal 20.5 million american jobs lost. treasury secretary steven mnuchin told fox news sunday it may not even be the worst of the coronavirus crisis the reported numbers are probably going to get worse before they get better. >>but that's why we're focused on rebuilding this economy. >>as for another stimulus white house economic advisor larry kudlow speaking to abc's this week says to wait to see results of the previous package i think that. >>many people would like to just pause for a moment and take a look at the economic impact of this massive assistance program. >>this as president trump urges states to move forward with getting back to business even as concerns take close. doctor anthony fauci cdc director robert redfield an fda commissioner stephen hahn all observing quarantine after contact with a white house staffer who tested positive economic adviser kevin hassett acknowledging the current risks of working inside the white house even as precautions are taken. >>we've all been exposing ourselves to ris is you know we're u

jillian: about 4 million americans will get debit cards loaded with stimulus payments this week, the treasuryepartment issuing debit cards instead of sending checks that people can use right away, filling out bank information with the irs, the treasury says 140 million americans have received stimulus payments since april. it is 26 after the hour. if at first you don't succeed try can, democrats say they're a failed impeachment push doesn't mean they are done investigating the president. rob: liz peek says it is the latest overreach by democrats and won't go well, she joins us live next. shannon: a major breakthrough in the deadly attack at the naval air station in pensacola, florida. >> the fbi finding the saudi ephesian student who shot and killed 3 american sailors was in contact with our qaeda. >> we learn more about the information. >> reporter: one of the worst mass shootings at a military base, mohammed was training at naval air station pensacola last december when he opened fire killing three servicemembers and wounding eight others. now the fbi says they discover new intelligence sho

. >> brennan: would you advice americans to travel? the treasurytary was on anothetws great time for people to explore america. would you advice them to do that? >> doctor: you know, i would give people advice -- i tend to practice what i preach, and so we're not traveling. my family and i, and we have no intention of traveling. i think it is all part of trying to think about a route back to work and school, and that entails trying to minimize exposure and close physical contact, which is hard to do if you're traveling. so personal advice would be: protect yourselves, wear a mask, and try to minimize interactions with others. >> brennan: what does the data tell you about how affective wearing a mask actually is? >> doctor: that's one of the big question marks. we know that the medical masks are highly affective and also ver not available, nor is it likely that people are going to feel comfortable wearing medical masks. the big question is the affectiveness of cloth masks. we believe they are affective. just how affective is the subject of a lot of

then treasury secretary steven mnuchin discusses the future of the american economy. and, after that, yahoo! finance editor-in-chief talks about the future of restaurants amid the coronavirus pandemic. now, here is new york governor andrew cuomo. governor cuomo: good morning, pleasure to be here, and it is a beautiful morning. today is saturday, everybody knows to my left is melissa and to the right is the budget director. i know it is saturday because mr. met tweeted at me that today is saturday. he is the mets mascot, so it must be saturday. i know it is saturday because i a tie, that is a cue to -- i am not wearing a tie. that is a cue to understand that today is not saturday. today is saturday of memorial day weekend, day 84. yesterday, a number of my young superstars said to me, this is memorial day weekend coming up, and we have been working for 83 straight days, maybe we do something different, maybe we take a day off, it is what they are trying to suggest. i said tomorrow i will stay home. so, i am at home today, i never said i was going to work. i said tomorr

donald trump is due to meet members of the native american community — as the us treasury begins distributing to tribal governments. native americans have been disproportianately hit by covid—19 according to latest statistics, 73 people have died across navajo land — american indian territory across utah, new mexico and arizona states. the number of confirmed cases has now passed 2—thousand 400. this headline is alarming. business insider reports that per capita — navajo nation's infection and death rates are ten times higher than in neighbouring arizona. 0fficials point to limited resources. the area has just 12 health care facilities for a population of 175—thousand people. chronic health issues like obesity makes citizens more vulnerable. many can't get access to basic health care. the navajo area chief medical officer at the indian health service told nbc news "you're telling people, ‘wash your hands for 20 seconds multiple times a day,‘ and they don't have running water. " the community is appealing for help. this gofund me page has raised nearly 1.8 million dollars to go towards food, w

everyone knows that the pandemic and related problems now have 33 million americans newly unemployed. the treasurytary says it will get worse before it gets better. some estimates show unemployment rates could hit 25%. >> the people who have small businesses are not rich. this hits hard. we don't know how long it's going to take us to recover. >> we have not received any support from any of the ppp. so we feel like we're forced somewhat to reopen to kind of generate sales and income and money. >> plans to reopen in some places, including in new york later this week and california, as well. governor cuomo announcing it will be upstate new york that could be ready to open on friday. new york city not meeting all the criteria. california has what is called phase two of its four-same plan, allowing e lower risk businesses, including car dealerships and florists to reopen. early action helped california avoid the death toll that new york has suffered, something we've been covering. and there's growing concern among researchers that certain states, including california, may not be ready to reopen. cases

americans. well, today the treasury department made it official. it wants that money back. but how? on your side's michael finney is live with some answers. that's easy to say. tougher to actually do, michael. >> absolutely. this is not an easy thing. look, the federal government started by say thanksgiving didn't know or it didn't know if the checks had been sent out. then it didn't know if it wanted the checks back. now it wanted you to get going. the irs has sent these economic impact payments to nearly 100 million americans. but it turns out many of them are deceased and grieving loved ones were left to wonder what to do with them. like robert lynch of san francisco whose wife received a check two years after she died. >> it's one of those things that you don't like to just come out of nowhere. >> at first the irs said there were no rules about what to do with these extra payments. then officials realized it wasn't just a few. the checks went out apparently to millions of dead people. >> and originally it was thought that we would just cost benefit analysis, not worth trying to

american history. and knock, knock, knocking on treasury's door. the twitter spat that can only exist in the year 2020 you've got to hear it to believe it you are watching "worldwide exchange" here on cnbc >>> welcome back and good thursday morning it is may 7. we are slowly creeping toward the weekend. don't worry, we will get there we have a little good news dow futures are up 240 points no we have positive data on chinese exports. exports rising when a decline was expected a small glimmer of hope that economies are reflecting a slow reopening. we are also getting a report that u.s. and china trade reps are set to speak by phone as early as next week that is relevant because that is the first time they will have officially have spoken since the trade deal was signed back in january and amid rising tensions with the pandemic. if we do stay up 240 points, that will regain all lost and a little more in the dow don't focus on the dow, focus on the nasdaq and big technology. as it had been doing before the pandemic continues to outperform it is up 3%.

american public. >> melissa: a stark warning from's treasury secretary steve mnuchin as white house economic advisorin hasson says americans unemployment rate already over 14%, the worst since the great depression, could go even higher this month. >> looking at the flow of initial claims, it looks like we'll probably get close to 20% in the next report, depending on whether the virus is really abated by that point. the economy really getting going again. it could start to head down from there. >> melissa: those comments, as some lawmakers from both chambers are set to return to d.c. this week, likely kicking off a new battle over the life covid-19 seamless package. nancy pelosi and house democrats could lay out their plans as early as today, in a new bill that could cost an estimated $2 trillion. senate republicans taking a wait-and-see approach on any more deficit spending, and saying any new funding must include viability protections for employers. kennedy, i want to start with you. "the wall street journal" today highlighting something that we've heard for the past week or so, in economic circles

futures, treasuries are gaining , on american jobless data. that will give the market latching onto gains or matching onto losses, and that is another deep selloff on wall street. i am looking at crude oil. picking up from wednesday's drop, seeing a little more of the parable iea report. we will have plenty more on that throughout the day. now let's get straight to what we are talking about, and this is fed chair jay powell, who says the u.s. faces unprecedented risks from coronavirus if fiscal and monetary policy makers do not rise to the challenge. >> today's view on negative rates really has not changed. this is not something that we are looking at. the evidence on the effectiveness of negative rates is very mixed. it is an unsettled area. of thethere are fans policy, but for now it is not something that we are considering. we think we have a good tool kit, and that is the one we will be using. meanwhile, vanke of england governor andrew bailey has hinted more -- it is clear that investors expect more quantitative easing in the u.k. joining

in that time treasury has distributed economic impact payments far faster than expected. americans have received approximately $140 million economic impact payments worth $240 billion. over three and four tenths million small businesses have been approved for $500 billion in loans under the paycheck protection program and businesses of all sizes have started to use the tax tools that we provided for their liquidity. but in that time the critics have also done what they do best. they criticize. the need came has seized on an opportunity to perpetuate every negative story that critics can manufacture. you can imagine my surprise when democrats criticized the net operating loss carryback provisions in the cares act. because oddly democrats previously supported the last three bills where we expanded the net operating loss carrybacks in 2002, 2005, and even in 2009 with all democrat rule. so i don't recall in any of those instances any partisan attacks from democrats about this previously bipartisan, antirecessionary policy tools. so why now? sadly, that irresponsibility has led our dem

americans. this morning treasury secretary steven mnuchin said that while numbers are grim, he hopes things get er for the american people. listen. >> i'm going to be clear, i'm worried about every single american worker that is not working. so there's t none that are more important -- there's none that are more important to me or less important to me. i want to get all these americans back to work. i am pleased that despite the worst unemployment numbers, 70 of those workers feel confident that they're going to have their job back. but 70% isn't good enough. >> reporter: democrats in the house want to get a phase four stimulus done immediately, but here at the white house the mandate is let's wait and see. secretary my new knew chin said this morning -- mnuchin said he doesn't want to spend another trillion dollars unless we know exactly where that money's going. eric? eric: yeah. things seem to be looking up on that front. all right, david, thank you. arthel? the. arthel: well, there's controversy in southern california of after election officials put in-person polling sites in a largely democ

some americans think the money that we don't go the issue treasury securities which is a bond and to borrow money from people in many americans and then have to pay the money back so now we're at $9 trillion go $9 trillion. and told her that one - - total debt is at $28 million. speaker pelosi's bill will not pass the senate in its present form go you have to be a senior at the university of one thing it cost $3 trillion and it will expand the affordable care act which is controversial in the senate and change election laws dramatically for some have suggested it will basically federalize elections and take them away that i think is 4 billion that will dramatically change the immigrationor laws for the coronavirus pandemic with hundreds of millions of dollars those were in our country illegally. some like that some want that is controversial. speaker posses bill will release many federal prisoners during the virus unless the gbureau of prisons can show that those prisoners will not go out and commit a violent crime. they have to do with the mr. being released will not go out and commi

treasury secretary. friday the labor department reported 14.7% of americans are unemployed. the economic advisor said by june the unemployment rate could reach 20%, levels not seen since the great depression. april's unemployment numbers did not stop wall street from continuing a rebound. the dow rallied 455 points and the nasdaq jumped 141. the s&p 500 gained 48. e line musk will sue alameda county for keeping tesla's car production on hold. he wants to move the headquarters to texas or nevada. utah said his state has been talking to musk about bringing the business there. and president trump said in the tweet, the u.s. will start buying up to $3 billion in surplus dairy products, meat and produce from farmers this week. the farmers to family food box program is part of the $2 trillion aid packet passed in march. they will partner with distributors in areas hard-hit by the restaurant and hotel closures. back to you. >>> the magic finally returned to china with the reopen of disney in shanghai. the park reopened to the public after being close to stop the spread of the coron

some americans think we print the money, we don't. we issue treasury securities which is just basically a bond, and for many americans, including but not limited to china and we have to pay that money back. now we are up to $9 trillion, that is 900-000-0000000 and our total debt, that is going to put us at $28 trillion. i'm not going to repeat the 0s again. nancy pelosi's bill is not going to pass the senate in its present form. you don't have to be a senior at the university of georgia to know that. it has provisions in it. it cost $3 trillion, it will expand the affordable care act which is controversial in the senate. it will change our election law dramatically, nancy pelosi's bill that would federalize elections, take them away from our states. it was forbidden by the united states constitution. nancy pelosi's bill will dramatically change immigration laws, amnesty for people in the country, in the pandemic, will provide a lot of money. hundreds of millions of dollars to people in our country illegally. it will be controversial. nancy pelosi's bil

collectors didn't make the rules either in fact the reporter for the american prospect named david dayen said congress did give treasury the authority under the cares act to exempt the payments from private debt collectors but the treasury department other former goldman sachs exact steve menuhin refused to exercise that authority despite pressure from democratic members of congress and state attorneys general so former big bankers like him a new gin bend the rules in their favor oh please minucci doesn't care about cash or big banks have the same relationship with a payday lender as joe and joe biden have with hunter biden love child they know they're related but they act like it doesn't exist ok so the exemptions just a happy accident you know like the kid ok but millions of americans were already deep in private debt before a covert one team anyone with a private student loan car loan or a bank overdraft fee might as well join the americans with lower back to tos who also won't get their stimulus ok lay stop it people with lower back tattoos will get their stimulus checks just not anyone with tax of chinese characte

americans hit hard by the pandemic, more than 170 years o help during the potato famine. now the fundraiser for the families has raised over $2 million with many contributions from the irish >>> treasury secretary, steve mnuchin announced that federal aid will be distributed to native americans $4.8 billion will be distributed. >>> president trump urging to reopen the country he said there will be more deaths as more states lift their stay-at-home orders. our capitol hill correspondent tracie potts joins us with the latest the president argues that not reopening businesses could also cost lives >> exactly he talks about the suicide rate from people who are having financial problems the president said that he is losing sleep at night thinking about the fact that reopening the country means more people may die but he also said that no one is taking this harder than he is. >> the that lives will be lost to reopen the country. >> it's possible there will be some because you won't be locked into an apartment or a house or whatever it is but at the same time, we're going to practice social distancing we'll be washing hands, doing a lot of the things we've learned to do over the last period

treasury obligations. tax-free tong about american taxpayers with -- at the same time, when you compare those with other jurisdictionsworld of high-grade credit, those greats -- rates are lower. it is not just for the american taxpayer. we are seeing foreigners come into the market to get additional yields. we call them crossover buyers. payment of a raw higher interest payment. haidi: i alluded to this in my thet question but this is first question of the day. why are we seeing this massive dislocation between real and financial markets? is it because of the fiscal and stimulus being deployed globally? thesis as to why we are seeing this? nail on theit the head. we have the largest central-bank response ever. the largest fiscal response ever. the combination of the two is extremely powerful. invites -- it provides investors who are willing to look down the road through the three years, because the earnings this year will be terrible, economics this year, terrible. if they are look -- willing to look to or three years down the road, they say when we get beyond this, this will be the place to be, equity investors. the

and unfortunately, we need -- that unfortuna period treasury secretary steve nugent of the future of the american economy and says there is a strong likelihood the u.s. would need another coronavirus stimulus package. he also promised to review any aid loans that were more than $2 million. this was hosted by the hill newspaper. >> mr. secretary, thank you for joining us this morning. i want to get right to the news. 2.4 million new jobless claims of unemployment this morning, several senate republican said yesterday they want to see some action now on the next relief package. is another package necessary and if so, when. >> well, let me

so why is the treasury secretary out there urging americans to take trips around the country? >> this is a great time for people to explore america. lot of people haven't seen many parts of america. i wish i could get back on the road soon. >> okay. so, with all due respect to the treasury secretary's need to be president's cheerleading squad -- on the cheerleading squad. that is just not where we are right now. and, coincidentally, maybe not the president traveling tomorrow. okay. maybe it's coincidence. maybe it's not. but the president is traveling tomorrow. visiting a factory. a factory making n95 masks in phoenix. no word on whether he plans to be wear a mask. i hope he reconsiders wearing one. it would set a really good example for the country. but. >> i think wearing a face mask, president, prime ministers, dictators, kings, queens, i don't know, somehow i don't see it for myself. >> maybe. it'd be nice. wouldn't it be nice if we saw the president of the united states in a mask? would set a great example. we shall see. let's bring in now our white house correspondent ka

richard sandor is chairman and ceo of the american financial exchange, probably best known for helping to create some of the treasuryives contracts that we depend on now in this day and age. so great to have you. i want to start off, for some of the folks that maybe don't understand libor and all these other acronyms, explain exactly why this set of interest rates is important to a functioning financial system. critical macroeconomic role because things that we do every day, mortgages, credit cards, corporate loans, all are tied to a particular benchmark. in the past, it has been libor, but libor has been tainted. it will be phased out by the end of 2021. and because it was not based on real transactions, there's been a number of alternatives that have come up in the united states and the u.k. and around the world. libor, you mentioned it was tainted. there was a scandal there. the other option that was floated around out there was some sort of secure lending rate , that that was what we were supposed to transition to. what are you proposing? sofor is one rate that is risk-free. it is a repo rate essentially. rate.

the two most important people running the american economy will be together today as they talk before congress. treasury steven mnuchin and jerome powell as they look into why so little of the money set aside by the c.a.r.e.s. act has actually reached american businesses. that will start at 7:00 our time. >>> the stock market rocketed upward after a small company reported positive news about a search for a vaccine saying eight patients, yes, just eight, built a high level of antibodies against coronavirus. airlines, hotels, any industry hit by the pandemic moved higher. the dow up nearly 1,000 points. let me caution, as i often do, that this is just the first development in phase one. they're talking about if this were to go through you wouldn't see it until next june. so not this june but june of 2021. in the meantime johns hopkins reports there are 16,868 americans right now in icu in critical condition with coronavirus. so let's be careful out there. the coronavirus turned out to be too much for pier 1. now it's asking a bankruptcy judge to let it go out of business. it was never able to find a buyer

secretary treasury warning americans international travel may not resume this year. meantime, one public school in montana will become one of the first in the country to reopen since the lockdown when students return to class tomorrow, savannah. >>> and also tomorrow, tyson foods is set to resume limited production at a pork plant in iowa, it's the largest in the country. that facility had to be shut down two weeks ago to contain an outbreak of the virus. we've got complete coverage for your this morning. let's start with late-breaking news from the white house task force. nbc's peter alexander on duty for us. hey, peter, good morning. >> hey, savannah, good morning. the president will meet with the governor of iowa at the white house today. to that breaking news, a day after saying he was winding down the coronavirus task force in the coming weeks, the president has quickly reversed course, tweeting within the hour, quote, the task force will continue on indefinitely with its focus on safety and opening up the country again. the president had faced immediate critici

the fed and treasury have the capacity to put $5 trillion into the american economy through liquidityending facilities such as those we just talked about. as it relates to what they congress needs to do, that is why i think we should identify those gaps. for example, extending the paycheck protection program in some manner or extending the payments that individual families got from a tax rebate. but the real issue that i the -- they tell you to mute your tv. they don't. that is another reason why people do not go to the hospital, because they are scared to death because the doctors are not listening. thank you and have a good day, and thank you very much for c-span. the first partt about bailing out large corporations. is a good question. i think the effort by the fed and treasury is to help americans get back to work in our economy to get back to work, and we are focused on finding jobs for those over 30 million .mericans we are working feverishly to get the economy be back up to capacity and stop the layoffs and encourage people to get back to work. so the airlines are an important

american and australian ports until the end of august. the company says it's reaching out to customers who already have tickets for that time period to offer them alternatives. meanwhile us treasury secretary steve see them in newton says that overseas travel. my not resume until 2021. so he's encouraging americans to focus on domestic travel this year because of international travel restrictions and fewer flights. the outlook for later this year doesn't look good. the state department told americans in late march to avoid all international travel that advisory remains in effect. afl teams will not play any games outside of the u.s. this upcoming season on a lot of folks are looking forward to the return of sports right. but the league made the announcement monday saying that it wants to focus on the well-being of players and personnel. according to the nfl's website one game was supposed to be played in mexico city and 4 games were supposed to be played in london. the arizona cardinals atlanta falcons at jacksonville jaguars and miami dolphins. we're set to be a home teens for international series games. but now that's not happening. the nfl said it hopes to return to having int

rubberstamp prove the country as a whole is nowhere near reopening and americans are becoming impatient with elected leaders and today the u.s. treasury secretary and the federal reserve chairman were grilled by members of the senate banking committee wanting to know where all that money went artie's rachel blevins has been monitoring the hearings today and she's joining us now. what is the current status of these loan programs for businesses and local governments so today's hearing mark the 1st time that officials were questioned by the senate banking committee on that $2.00 trillion dollar cares act that was passed and the hearing was held remotely in order to abide by social distancing rules now there this comes after a report from the congressional oversight commission which found that out of that $500000000000.00 that was put aside for loans for businesses and local governments very little of it has actually been spent and i'm sure that treasury secretary steve said they plan to spend all of the money they just haven't done it yet and he was also questioned about accusations that the government has moved to help large corporation

the country as a whole is really nowhere near reopening and americans are becoming impatient with elected leaders well today the u.s. treasury secretary and the federal reserve chairman were grilled by members of the senate banking committee wanting to know where all that money went. rachel blevins has been monitoring those hearings she is joining us now with the details as a rachel how did these hearings actually play out well this marks the 1st time that administration officials were questioned on the results of that $2.00 trillion dollars cares act and it was also the 1st time the hearing was held remotely for social distancing purposes now treasury secretary steve menuhin was questioned about a recent report which found that his department has actually spent very little about $500000000000.00 that was supposed to be used as loans for businesses and local governments and to that he said well they're planning to spend it they just haven't done it yet and he was also asked about accusations that the government has prioritize major corporations while smaller businesses have been left to suffer here was his response companies

americans are now unemployed. some experts say the real number is even bigger. treasuryecretary steve mnuchin says we haven't reached the end of it, he is expecting a rebound. >> the reported numbers are probably going to get worse before they get better, but that's why we are focused on rebuilding this economy. we'll have a better third quarter. we'll have a better fourth quarter, and next year is going to be a great year. >> mnuchin says increased texting testing will give businesses the confidence to carefully go back to normal. >>> the governor of new york has announced new health rules for nursing homes in the states. all nursing home staff members are required to be tested for the coronavirus twice a week. hospitals are now banned from discharging an infected patient back to a nursing home. according to the new york times, one third of all u.s. coronavirus deaths were residents and workers of nursing homes. federal officials are also working on guidelines to reopen nursing homes and allow visitors to return. the centers for medicare and medicaid services circulated