WASHINGTON – Arizona senior Senator Kyrsten Sinema questioned Federal Reserve Chairman Jerome Powell in a Senate Banking Committee hearing about future economic relief measures for Arizonans during the ongoing coronavirus pandemic.
“Congress needs to find the best path forward as we navigate an unprecedented and evolving pandemic. Arizonans and Americans count on our leaders to follow the science and the facts to protect public health and rebuild our economy. Businesses and families will need immediate economic relief if case counts worsen and further restrictions are warranted,” said Sinema.
Sinema questioned Chairman Powell about recent projections made by Federal Reserve economists that U.S. economic output will decrease by 6.5 percent at the end of this year compared to 2019. Sinema asked if that projection assumes a potential second wave of coronavirus and its accompanying economic impacts. Sinema also asked Chairman Powell if a national infection tracking system would help America’s economic recovery from the coronavirus pandemic. Chairman Powell agreed that robust infection tracking would have a positive effect, boosting consumer confidence and enabling U.S. businesses to re-open and operate safety. Arizona is currently facing a significant increase in new coronavirus cases and hospitalizations.
Following calls from Sinema, the Federal Reserve announced it was expanding the Main Street Lending Program to serve more Arizona small and medium sized businesses.
Sinema also recently questioned Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell in a Senate Banking Committee oversight hearing on CARES Act funding and coronavirus economic relief. Sinema called on the federal government to cut red tape to ensure Arizonans could more easily access the Paycheck Protection Program (PPP), Economic Injury Disaster Loans (EIDL), and Economic Impact Payments.
