June 25, 2020 / 9:07 PM / 12 days ago

Fed's Powell to testify on CARES Act before House committee next week

FILE PHOTO: U.S. Federal Reserve Chairman Jerome Powell speaks to reporters after the Federal Reserve cut interest rates in an emergency move designed to shield the world's largest economy from the impact of the coronavirus, during a news conference in Washington, U.S., March 3, 2020. REUTERS/Kevin Lamarque

WASHINGTON (Reuters) - U.S. Federal Reserve chair Jerome Powell will testify before the U.S. House of Representatives Financial Services Committee on Tuesday at 12:30 p.m. EDT (1630 GMT), the Fed announced on Thursday.

The Fed chair will provide testimony on the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, under which the Fed set up several new lending facilities to bolster the economy during the coronavirus pandemic. The law requires periodic congresional hearings to review the programs.

Reporting by Howard Schneider; editing by Jonathan Oatis

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