AOC QUESTIONS FED CHAIR ON ECONOMY: Reps. Alexandria Ocasio-Cortez, Katie Porter, Rashida Tlaib, and different members of the Home Monetary Companies Committee hear testimony from Fed Chair Jerome Powell on the central financial institution’s newest financial report. Yesterday Powell testified earlier than the Senate Banking Committee concerning the financial influence of COVID-19, saying ’till the general public is assured that the illness is contained, a full [economic] restoration is unlikely.’ The Fed Chair additionally famous that the unemployment has hit low-income employees essentially the most, together with many minorities and girls, creating additional socio-economic disparities. Congress has till July 31 to determine if they are going to fund and lengthen additional financial reduction for these unemployed, which the Home has handed as a part of their $three trillion reduction bundle, however the Senate has not but thought of.
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