Mnuchin, Powell face Senate hearing on CARES Act spending

The Senate Banking, Housing and Urban Affairs Committee is holding a hearing Tuesday to review spending under the $2.2 trillion CARES Act, after a report was released detailing money meant to help businesses as well as state and local governments hurting financially as a result of the coronavirus pandemic.

In a written statement ahead of the hearing, Treasury Secretary Steve Mnuchin discussed the dire condition of the economy, claiming that the situation will improve as the country gradually reopens.