Federal Reserve Chair Jerome Powell told lawmakers on Wednesday that the economy needs more help to economic stimulus to power through the economic impacts of the coronavirus lockdown.
“We at the Fed need to keep our foot on the gas until we are really sure we are through this, and that’s our intention, and I think you may find that there’s more for you to do as well,” Powell said in testimony via a video link to the U.S. House of Representatives Financial Services Committee. “It would be a concern if Congress were to pull back on the support that it’s providing, too quickly.”
Powell says Congress should extend someway, somehow the extra $600 weekly payments to the unemployed that were a part of a relief package passed in March. They’re set to expire in July. “You would not want to go all the way to zero on that,” he said. State, local governments, and small businesses will need some aid, too, he said.