mr. mnuchin? >> can i respond to the answer >> if you'll let me know where you're going first sometimes when people finish, i don't know what that said. this wouldn't apply do you >> i think we have legislation i think we need to do a better job. i'll say we can look at legislation but i think it's more than just legislation >> okay. i agree with you that it's more than legislation but would you agree that legislation could be part of the remedy if you could kindly extend a hand thank you. i'm in agreement with you. we have a couple of pieces of legislation. hr149. the housing fairness act helps to deal with discrimination in housing as it relates to people of color and others as well. hr 166, fair lending for all act that would put an end to this race based lending and discrimination two pieces of legislation. hopefully they will move in congress here is my final question. i believe that it's time for us to reconcile in this country we have survivored slaifr ri but we didn't reconcile. we survivo

mr. mnuchin? >> yes. that's something we work on as well. >> thank you. out of time. i yield back. >> you're recognized for five minutes. >> thank you, madam chair. thanks for being here. i really appreciate it. secretary mnuchin, i'm hearing from some lenders that are being accused of failing to pay agents that assisted businesses in preparation of their paycheck protection program loan submissions and before participating in ppp i heard comments from banks they were worried they might be exposed to legal liability without sufficient safeguards in what's essentially a government grant program, but they largely participated anyway because they felt like they had a duty to their customers and country during a time of need. i'm told many banks are being targeted by litigation that takes advantage of the lack of clarity about how agent fees are supposed to bes processed and how they work. for example, banks don't have precise answers on where the fees were supposed to come from is an agreement between a bank and agent required before any work on the application is complet

mr. mnuchin. [laughter] while you have made changes to broaden the liquidity facility, many jurisdictions like the territories are still locked out. when we last spoke, you mention it was difficult not perhaps there would be a way that guam would be eligible. did you find a way to look at that and determine if something could happen? secretary mnuchin: we are taking a serious look at that. the territories themselves are not investment rated, were not before the pandemic set in. that is the men on standard for access to the musical facility. businesses in the territory would be eligible for the main street. some of the facilities that guam has our investment grade rating but below the minimum. we are actually renewing our credit standards in the municipal credit facility at the moment to determine if there is a way to adjust the facility in a way that would make eligible some credit issuers without violating the letter of section 13.3. secretary waters: mnuchin, with critical unemployment support e

mr. mnuchin. you made some changes to broaden the liquidity facility, many ju jurisdictions like the territories are locked perhaps there's a way that guam may be eligible. did you find a way to take a serious look at that and determine whether or not something could happen >> yes, we are taking a serious look at that so the territories themselves are not investment grade rated and weren't before -- they were not before the pandemic set in and that's the minimum standard for access to the municipal liquidity facility of course businesses in the territories would be eligible for the main street facility some of the revenue-based facilities that guam has are investment grade rated but below the minimum and we're actually reviewing our credit standards in the municipal liquidity facility at the moment to determine if there's a way to adjust the facility in a way that would make eligible some credit worthy issuers without sort of violating the spirit or letter of section 13.3 >> thank you secretary mn

mr. mnuchin will say we may not lock down again but i'm in the sure we can say that at this point given whatust did a and we're monitoring that way. more headlines from them i think it's very much an open question as to how this virus is going to basically progress. >> thank you, sue. it's directly relatable to how you should think about the market these are more cdc headlines we're putting on your screen important to continue social distancing they have poken about the need to wear masks as well. this is the conversation central to how the market is trading there's been more optimism about the reopen >> we get into an interesting place where which stalts are most likely to kind of self-govern themselves in light of increased surges. you know it will be the states that account for a lot of economic activity like new york and california they will behave differently than places like florida that's an interesting component of this as well. i really feel that's why i pointed out earlier in such a disasterous, you still had apple, microsoft, netflix and amazon higher on the week. i think this is

mr. mnuchin. that will be more than interesting.ng this hour, markets elevated nicely, and we will get you to the market open across radio and television in 30 minutes. this is bloomberg. good morning. ♪ ♪ from new york city for audience worldwide, good morning, good morning. the countdown to the open starts right now. equity futures positive after rocky session overnight. we begin with the big issue. all it took was a long question and a short answer to rattle the equity market. --do you think the president he obviously wanted to hang onto this trade deal as much as possible, and he wanted them to make good on the promises, because there has been progress on the trade deal. given everything that has happened, is that over? >> is over. yes. jonathan: it is over, except it is not good the president of the united states quickly coming out after that interview and saying "the china trade deal is fully intact. hopefully they will continue to live up to the terms of the agreement." adding to the gains you see on the screen, with equity f

mr. mnuchin has testified before the committee on previous occasions, and i believe he does not need anyroduction. powell, have jerome chair of the federal reserve bank system. mr. powell has served on the board of governors and's 212 and is chair since 2017. mr. powell has testified before the committee. i believe he does not need any further introduction. so without objection, your written statements will be made part of the record. each of you will have five minutes to summarize your testimony. when you have one minute remaining, a yellow light will appear. at that time, i would ask you to wrap up your testimony so that we can be respectful of the committee members time. secretary mnuchin, you are now

mr. barr i want to welcome today's witnesses. first, we have steven mnuchin, secretary of the treasury. he has served in this current position since 2017. mr. mnuchin has testified before the committee on previous occasions and i believe he does not need any further introduction next, we have jerome powell, chair of the federal reserve bank system. mr. powell has served on the board of governors since 2012 and is chair since 2017. mr. powell has testified before the committee and i believe he does not need any further introduction so without objection, your written statements will be made part of the record each of you will have five minutes to summarize your testimony. when you have one minute remaining, a yellow light will appear at that time, i would ask you to wrap up your testimony so we can be respectful of the committee member's times secretary mnuchin, you are now recognized for five minutes to present your oral testimony. >> thank you very much mr. barr, let me express my condolences for your loss. chairman waters, ranking member mek henry and members of the committee, i'm plea

joining us for this exclusive interview is secretary of the treasury, steven mnuchin, mr. glad to have you with us. i will start with the quote from john bolton, and i am sure you have read this quote. put that on the screen for the audience, please? mnuchin is a democrat and the views we recommended go light on sanctions on russia, don't sanction the chinese or north korea, a big business democrat, fine in a big business democrat-type administration. not only does he hate president trump, he hates the treasury secretary. what's the deal? >> lou, great to be with you. he doesn't like me, obviously doesn't like the president, because from day one he disagreed with the president's strategy. first i will say, i haven't read the book, i have seen parts of the book, people sent it to me. it's full of inaceracies, that's #1. #2, it's outrageous that any member of the president's national security team should be able to write a book without getting cleared and after the president is long-gone. the fact that john bolton was more interested in making millions off of a book than serv

mr. mnuchin, this -- the treasury secretary said the president is considering a direct payments to americansng with what democrats approved -- 1200 per adult, 1200 per child up to three children. that would be more generous than the payments in march. the first round of direct 260 $7s totaled around billion. according to the committee for responsible federal budget, from four22013, the first fiscal years of which mr. obama was responsible, the national debt rose 4.4 trillion. mr. trump is projected to add more than 6 trillion. a moment of reckoning will be the democrats proposal to extend into next year the increased federal unemployment benefits. the cars act -- the cares act added $600 per week benefit. republicans have expressed concern it is discouraging workers from returning to their job, as you just heard mr. kudlow argue. ron in michigan. you support another shutdown. why is that? well, gretchen -- gretta, it seems to be working in michigan. our governor has brought on the number of cases. that is good. people going the into stores -- they don't wear their masks. i support the shutdo

mr. mnuchin, and the white house. in eight days we crafted a measure which may be one of the costliest individual -- costliest measures ever passed by the senate. some $3 trillion. it was an enormous investment in america, but it was desperately needed. it was, of course, crafted in a way to provide help for research and medical care but also to invest in the people of america. we understood then, and i hope we still do, that small businesses struggling to reopen, struggling to survive need a helping hand and we provide it with the paycheck protection program. hundreds of billions of dollars loaned to these businesses, which could be forgiven if, in fact, they veftd in their employ -- invested in their employees and coming back to life after the end of this crisis. an equally important, if not more important investment was unemployment benefits . it there are now some 47 million unemployed americans, one of the highest numbers in modern history. and we know that unemployment brings with it hardship, sacrifice and chal

joining us now with an exclusive interview is treasury e secretary steven mnuchin. and, mr.us. i'm going to begin with this quote from john bolton about you, which i think -- i'm sure that you've read. if we could put that on the screen for the audience, please. mnuchin is a democrat, and the views that he recommended go light on sanctions on russia, don't sanction the chinese, don't sanction maduro, don't sanction the north koreans so harshly are all the conditions of a big business democrat which is fine in a big business democratic type of administration. mr. secretary, he not only hates president trump, he hates the treasury secretary. what's the deal? >> well, lou, it's great to be with you, and he didn't like me, and he obviously doesn't like the president because from day one he disagreed with the president's strategy. so, first, let me just say i haven't read the book. i've seen parts of the book, people have sent me. i sat in meetings, completely full of inaccuracies, that's number one. number two, it's outrageous that any national security adviser or any member of

mnuchin: thank you, mr. president and mr. vice president. i want to especially thank the senate and the house to working with us and another example of overwhelming bipartisan support that is helping american business and american workers. mr. president, this legislation is a direct result of you inviting leaders from the hotel industry and restaurant industry, two areas that have been especially hard-hit. the number one ask was extending the ppp for 24 weeks and this legislation delivers on this. it is great to see the $500 billion put to work in small business make its way into the economy and now you see it in these numbers and them bringing more people back to work. not only did this save jobs, but we now see people coming back to work and we look forward to working with congress on bipartisan issues to make sure we get every american back at work that was unfortunately laid off as a result of this virus. thank you. [applause] >> [inaudible] >> the federal government in d.c. and throughout the country, use the congressional directory. or

yes absolutely someone who's quite pertinent prtly with the market down treasury secretary steve mnuchin. mr thank you so much for coming back on "squawk on the street." >> of course, jim. great to be back with you. >> there's been tremendous success with ppe few kpips hacompanies that havee under. money left when frankly the money is something that keeps businesses alive seems quizable what's going on? >> jim, first of all we couldn't be more pleased with the success of the ppp you saw that in the unemployment numbers. we saved millions and millions of jobs, no question in my mind increase in jobs was a correct result of the ppp and reopening the economy. both very important factors. you've got to remember, when we asked congress for money, they were afraid we were going to run out again and gave us an extra $60 billion. so when we modeled this, we didn't think we'd end up spending all of this money, and now that we've given the restaurants more flexibility of 24 weeks, which that was the number one ask they had for the president when they came in, my guess, you'll see the restaurants come

mr. bolton. but you have folks like secretary mnuchin and secretary pompeo, kevin hassett, one of the smartest people these are folks that know that the president can be successful at this job and don't have any of the complaints or nearly the complaints -- >> well, according to bolton, secretary pompeo had complaints, but kept them private and has not shared them publicly. mick mulvaney, i do appreciate you taking the time and the hard questions this morning. >> i've known mike pompeo a lot longer than john bolton has, and mike would have said something to me longer before he said something to bolton and he's never said an ill word about the president of the united states in private or in public. >> okay, bolton has a different story, to be fair, but we appreciate you taking the time this morning and taking the hard questions. >> thanks, jim. >> and we'll be right back. how about no no uh uh, no way come on, no no n-n-n-no-no only discover has no annual fee on any card. ♪ ♪ ♪ . >>> florida shattered the daily record again in new coronavirus cases. in palm beach county, several hospitals report being

i see a treasury secretary mnuchin here meeting and negotiating with congress. that mr. vought, the acting head of omb for sometime now is nowhere to be found. how can that be? and what does that say about his views of the pandemic and the need for historic federal fiscal action, as well as his ability to work effectively with us, congress, to get the job done for the american people. i strongly urge this committee to join me and rejecting this nomination and i hope that with president trump would do is put forward a nominee with a demonstrated respect for the rule of law and for congress is authority. that is the least of what this role requires. it is not too high a bar to ask this of the occupant. mr. vought, you are in front of us in the midst of a historic pandemic. there is tragic lock of loss of life. there is and president loss of jobs and income. the president said he is in no rush to provide additional relief to help our desperate families or communities, or first responders, estates. he says he thinks things are fine. i want to ask you today, is the president

mnuchin are ongoing. how do you see this passing from the house to the senate? >> well we, as was indicated by mr. neil earlier, infrastructure legislation has never really been partisan. we've also worked together to create jobs, to promote commerce, to preserve our plan and the rest. and have clean air, clean water for our children, work in a very bipartisan way and we hoped we would do that now. as you know, the grim reaper has said nothing ever going any place in the senate, but there is tremendous in the country in rebuilding the infrastructure. there's tremendous interest among individual members about how we move forward and how it affects their areas and when they see the legislation and people see how it does affect their areas because this is not just a matter of transportation. it's a matter of clean air, clean water, some of these water systems are over 100 years old. they're made of wood and brick. want a drik nk of water of that and water so important in sanitation and the rest as we see from covid, the urgency is even more intense now. so we think that this will be nonpartisan. very

mr. chairman, ranking member cardin, and thank you, secretary mnuchin, administrator carranza, as many of my colleagues have remarked, this is a rare bright spart of bipartisanship and partnership that has delivered a lot of relief to millions of businesses and lots of households and families. there are some aspects of our work together that haven't been realized as quickly as many of us had hoped. the idle loans have ended up being a challenge to deliver. there's others where there's more work to be done together to make the forgiveness process swift and clear and appropriate. i want to focus for a few minutes on a piece of the c.a.r.e.s. act, the small business debt relief act that maybe has not gotten the visibility it needs and where we could, i think, make more progress. before covid-19, african-american business owners were typically denied bank loans at triple the rate of non-minority business owners. and some of the pressures of this recession are compounding pre-existing inequalities and that's exactly one of the core reasons i worked and many colleagues worked to get the debt re

mr. chairman ranking member card and it thank you secretary mnuchin and administrator syntech -- administratorcarranza. as many my colleagues have remarked this is the rare bipartisanship and a partnership that is delivered a lot of relief to millions of businesses and households and families. they are some aspects of our work together that haven't been realized as quickly as many of us have hoped. the idle loans have ended up being a challenge to deliver and there's others that have more work to be done together to make the forgiveness process quick clear and appropriate. i want to focus for a few minutes on a piece of the cares at the small this is debt relief act that maybe is not gotten the visibility it needs in where we could i think make more progress. before covid-19 african-american business owners were typically denied tank loans at triple the rate and some of the pressures of this recession are compounding pre-existing inequalities ofis that's exactly one of the core reasons i have worked in many colleagues have worked together for the debt relief act in the cares title i give six m

there is no second spike and as secretary mnuchin said yesterday in testimony, we are not going to shut down the economy. >> what do you say to that? >> yeah. mr. kudlow famously said that the virus contained three months ago so he has a habit of being wrong about matters that involve medical pandemics. let's just say that the virus continues to spread across the country. it is spreading at a rate of about 20,000 new cases per day. and it's done that because we haven't taken the very simple precautions of reminding people that if you go out into public you need to have a mask on. thousands and thousands of lives could have been saved if people like mr. kudlow simply embraced that instead of pretending that the virus was going to go away. we have to face the harsh reality in some states to shut down again. in the icu we spend a lot of time picking the right time to take a patient off of a ventilator because what we have learned is that if you take a patient off the ventilator too soon and then have to reintubate them a day or two later it's an enormous step back and i use that metaphor because we have to face that in places like arizona running

mr. president, we now have developed debit cards -- >> reporter: treasury secretary steve mnuchin made theouncement with president trump. the cards are going to about four million americans because the irs doesn't have their banking information. >> you can feel there's a credit card in there. >> reporter: jay bender almost threw his out because of the return address. it's not from the treasury or irs but money network cardholder services. >> which doesn't sound like the federal government to me. >> reporter: bender ended up using his card, so did parkin. >> i said to my husband, let's go buy dinner. >> as you can see, i did not use it. i abused it. >> reporter: moore has requested a new card and hopes to get it soon. elise preston, cbs news, new york. >>> "cbs this morning saturday" will be right back. >>> welcome back to "cbs this morning saturday." yesterday the minneapolis police department from which four officers were fired in the death of george floyd announced it was banning the use of choke holds and neck restraints. all week we've seen protesters around the country calling for a c

you know secretary mnuchin looked very carefully at they looked earlier in this administration, so again it is not something that the fed really plays a role in society >> thank you, mr. chairman,ly yield back >>> thank you, senator warner. >> thank you, mr. chairman if is good to see you chair powell i don't know if you saw but ben b b bernacke and 130 other economists wrote a letter saying we have a real need for stimulus also how enormously damaging the covid 19 crisis has been to communities of colors. i think we all applauded the may unemployment numbers, but as you know the unemployment numbers are still going up and i think there is a common point of evidence that a prolonged economic downturn will damage the opportunities and welt ac m accumulation for all americans a suggest that you and i have talked about a number of times is the important resource for these communities. that they provide and that they provide long term investments in these neighborhoods. but as we look at ndis and cdfis, many are held back from boosting investment because of lack of capital or lack of access to liquidity and other organizational limitations would you agree that the buildi

i'd like to ask steven mnuchin to say a few words please. >> thank you, mr. president and mr.t, and i want to especially thank the senate and the house for working with us and another example of overwhelming bipartisan support that is helping american business and american workers. this legislation is a direct result of inviting and leaders from the restaurant industry in the hotel industry, to areas that have been especially hard-hit. the number one ask was extending the ppp and this legislation delivers on this. so it is great to see the $500 billion that we put to work in small business making its way into the economy and that you see it in these numbers bring more people back to work. so not only did this save jobs, but we now see people coming back to work, and we look forward to working with congress on bipartisan issues to make sure we get every american back at work that was unfortunately laid off as a result of this virus. thank you. >> sandra: you been listening to the president and his economic team detailing steps they are going to take to continue to get americans

i would like to ask steve mnuchin to say a few words, please. >> thank you, mr. president and mr.president, and again, i want to especially thank the senate and the house for working with us in another example of overwhelming bipartisan support that is helping american business and american workers. mr. president, this legislation is a direct result of you invited in leaders from the restaurant industry and the hotel industry. these are two areas that have been especially hard-hit. the restaurants' number one ask was extending the ppp for 24 weeks. this legislation delivers on this. so it is great to see the $500 billion that we have put to work in small business make its way into the economy and now you see it in these numbers and them bringing more people back to work. so not only did this save jobs, but we now see people coming back to work and we look forward to working with congress on bipartisan issues to make sure we get every american back at work that was unfortunately laid off as a result of this virus. thank you. >> thank you very much. stuart: this was billed as a news

mnuchin and larry kudlow's show? >> it looks that way. look, a white house official declined to elaborate on mr.e. he says he's returning to academic life. he is described as someone who didn't have significant pull within the white house, wasn't really substantially involved in the negotiations around economic relief between congress and this white house. he's actually viewed widely among officials with the council of economic advisers as a partisan. philipson attacked folks on twitter in much the same way his boss, the president does, and that was seen as being out of step with the cba which has a mandate to provide sober analysis. has departure comes after kevin hassett, the old council of economics adviser, who returned for a three-month stint to help advise this white house through the perils of the pandemic related economic issues. so now there's this question about the void that's left on president trump's economic policy team, chuck. >> well, kevin hassett, you know, he was brought in specifically on this. we are now at a peak again, and we're about to come up with the biggest question,