Treasury's Mnuchin, Fed's Powell Defend Coronavirus Relief Measures

The Senate Banking Committee took its first look at spending under the massive CARES Act, which Congress approved in March to provide assistance to individuals, businesses and local governments affected by the coronavirus pandemic.

Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin were pressed by senators about their stewardship of specific aspects of the approximately $2 trillion relief package at Tuesday's remote hearing.

Sen. Elizabeth Warren, D-Mass., criticized both the Treasury secretary and the Fed for not including stronger requirements that businesses borrowing from the central bank keep workers on the payroll.