Hybrid Hearing on “Lessons Learned: The Federal Reserve’s Response to the Coronavirus Pandemic”

Date: 
Tuesday, June 22, 2021 - 2:00pm
Location: 
Select one, Washington, DC 20515
Hybrid Hearing on “Lessons Learned: The Federal Reserve’s Response to the Coronavirus Pandemic”

 
On Tuesday, June 22, 2021 at 2:00 p.m., Rep. James E. Clyburn, Chairman of the Select Subcommittee on the Coronavirus Crisis, will hold a hybrid remote / in-person hearing with Federal Reserve (Fed) Chairman Jerome H. Powell. The hearing will assess the Fed’s emergency lending programs established in the early months of the coronavirus crisis, examine current Fed policies as our economy continues to recover, and consider actions needed to ensure a strong, sustainable, and equitable economic future.
 
While the American Rescue Plan has provided much-needed support to Americans hardest hit by the coronavirus pandemic, including low-income communities, women, and minority workers, and significantly advanced economic recovery, more needs to be done to build back better across all communities. The hearing will highlight the crucial support provided by the American Rescue Plan, as well as the need for Congress to enact the American Jobs Plan and American Families Plan to facilitate long-term economic success. The hearing will also address the outlook for the Fed’s asset purchase program so that it can most effectively fulfill the dual mandate of stable prices and maximum employment.
 
Next week’s hearing follows letters sent by Chairman Clyburn to the Fed on August 6, 2020 and May 7, 2021, regarding the Main Street Lending Program and the Municipal Liquidity Facility—two programs created pursuant to the Coronavirus Aid, Relief, and Economic Security (CARES) Act to provide emergency relief to small and mid-sized businesses and state and local governments. While the programs helped stabilize markets and limit economic damage, the Select Subcommittee is investigating how they could have been more successful and how the Fed can more effectively assist these entities in future crises.
 
Chairman Powell previously testified before the Select Subcommittee on September 23, 2020.

Witnesses

The Honorable Jerome H. Powell
Chair, Board of Governors of the Federal Reserve System

117th Congress