nearvideo Secretary Mnuchin on trump administration’s efforts to facilitate the financial consequences of the Corona-Virus-pandemic
Minister of Finance, Steven Mnuchin joins Chris Wallace on ” Fox News Sunday.’
Minister of Finance, Steven Mnuchin said on Sunday that the Trump is the administration to ask Congress for bailouts, when it presses, to protect money, certain American companies are disproportionately affected by the Corona Virus pandemic, when he sought to calm fears about the volatile stock market and the effect of the Corona-Virus on the economy.
Speaking on “Fox News Sunday” with Chris Wallace, Mnuchin said that he and President of the Trump hopes that “a large stimulus program, because we need to help the American worker now.” He explicitly referred to companies such as airlines and cruise lines don’t want to within the travel industry as potential targets for stimulus funds, but told Wallace to the administration that a rescue action.
CORONA VIRUS: WHAT YOU NEED TO KNOW
“If the provision of liquidity to good company, the said only need liquidity for 3 to 6 months,” Mnuchin, “this is not a rescue operation.”
GOP SENATOR PUSHING LEGISLATION TO REDUCE PHARMACEUTICAL DEPENDENCE ON CHINA: “WE DEPEND ON YOU’
Mnuchin said the administration, the efforts focus more on people than corporations.
“As far as we need to support different companies that are affected, again, our focus is on pulses for the workers and get money to the workers who are affected,” he said.
Early Saturday morning the house of representatives a coronavirus passed relief bill, the Mnuchin was heavily involved in the negotiation and received the support of President Trump. According To House Speaker Nancy Pelosi, D-Calif., the bill paid emergency leave with two weeks paid maternity leave and up to three months of paid family and medical leave. “We have also secured extended unemployment insurance, a move that extended the protection of furloughed workers,” she said.
Pelosi also said the bill included food safety measures and increased Federal funding for Medicaid. Mnuchin said the trump administration in cooperation with the Senate is to shepherd the bill, for the signature of the President.
“I speak to the senators, I don’t want to predict, I think there are a lot of cross-party support, I hope you pass this bill,” Mnuchin said. If the bill, he said, by the Senate, that he was going to work, coming up with a compromise bill between the GOP-controlled Senate, the Democrat-controlled house.
“What we need, we’re gonna get, from the Congress,” he said.
Also in his interview with Wallace on Sunday, Mnuchin went out of the way, to the ease of the investors saw fears after a week of that trade stopped, on two different occasions due to the sharp sell-offs, and the worst day for the market since 1987. Mnuchin said the drop in the market was in connection with the coronavirus fears. He said he was optimistic about the U.S. to stop the government in the location of the spread of the disease, which eventually lead the market back on course.
CLICK HERE TO DOWNLOAD THE FOX NEWS APP
“If the doctors are correct, and we do all the things that I think we will have a big rebound later in the year,” he said to Wallace. “This will have an end to it as we encounter the virus.”
Stress how difficult it is to predict the peak of the market or the bottom of the market, Mnuchin negotiated focus with investors, where the market would end up in the long term.
“The people brought shares after the crash in , people who bought shares after the financial crisis [of 2008] did really well. So in the sense of long-term investors, I have the greatest confidence that this market goes higher, to invest down the road, and the USA is still the greatest place to be.”
Fox News’ Alex Pappas, Samuel Chamberlain and Chad contributed Pergram of this report.