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US Treasury Secretary Steve Mnuchin appeared on Fox Business this morning, touting the small business loan program.
Mnuchin expressed some optimism regarding reopening the economy.
Asked whether he thinks the shutdown will last longer than eight weeks, he said this:
“I hope not. I hope we can get back to the point — I think everything I hear from the medical professionals in many places where we’re quite close to the worst point, they’re beginning to peak and I think then things are going to get better. And I know the President is very much looking at how we can reopen parts of the economy. There are parts of the country, like New York, where obviously this is very, very concerning, there’s other parts of the country where it’s not, and I know he is meeting with the task force and the medical professionals and getting posted on this every day.”
He reiterated that there is openness to seeking more funding for small businesses: “If we run out of money, we’ll go back for more,” he said, citing “extraordinary demand” for the program thus far.
Mnuchin said “we have been in discussions” regarding another stimulus package but the first priority is getting funds out from the last package.
“When we need to go back to Congress for more money, we’re prepared to do that,” he said.
Asked whether another bill should have a provision for bringing supply chains back to the US, he said he didn’t think that was necessary in another bill.
He declined to comment on dire economic warnings from former Federal Reserve Chair Janet Yellen yesterday.
