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Fed And Treasury Urge Congress To Approve More Virus Relief

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Federal Reserve Chairman Jerome Powell fist bumps Treasury Secretary Steven Mnuchin after a House Financial Services Committee hearing on Capitol Hill in Washington, Wednesday, Dec. 2, 2020. (Jim Lo Scalzo/Pool via AP)

(AP) – Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin are urging Congress to approve COVID-19 relief funds without further delay, though Democrats continued to attack a decision by Mnuchin to allow five Fed lending programs to expire during the pandemic.

In his most direct comments so far, Powell told the House Financial Services Committee on Wednesday that it’s “very important” for Congress to provide economic support.

New funding would serve as a “bridge” for the economy to get from the current environment in which virus infections are spiking, to next year when vaccines should be widely available, Powell said. √°Powell said, “We are trying to get as many people across that bridge as we can.” Powell said.

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