Latest Steven Mnuchin News

Federal Reserve Chair Jerome Powell testifies during a House Select Subcommittee on the Coronavirus Crisis hearing on Capitol Hill in Washington on Wednesday, Sept. 23, 2020. (Kevin Dietsch/Pool via AP)

Powell faces lawmakers' skepticism on some Fed aid programs

Sep. 23, 2020 1:54 PM EDT

WASHINGTON (AP) — Chairman Jerome Powell on Wednesday defended the Federal Reserve's efforts to support the economy during the pandemic-induced recession from assertions that its programs bungled aspects of its response. A House subcommittee released a staff analysis that found that a program in which the...

Federal Reserve Chair Jerome Powell testifies during a House Financial Services Committee hearing about the government’s emergency aid to the economy in response to the coronavirus on Capitol Hill in Washington on Tuesday, Sept. 22, 2020. (Caroline Brehman/Pool via AP)

Powell and Mnuchin voice optimism but back more economic aid

Sep. 22, 2020 1:13 PM EDT

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin expressed cautious optimism Tuesday that the U.S. economy is rebounding from the pandemic-induced recession with federal support but that more help from the government is likely needed. Powell told the House...

FILE - In this June 30, 2020, file photo Federal Reserve Board Chairman Jerome Powell, reflected in the sneeze guard set up between himself and members of the House Committee on Financial Services, speaks during a hearing on oversight of the Treasury Department and Federal Reserve pandemic response on Capitol Hill in Washington.  The Federal Reserve adjusted its inflation target to seek price increases above 2% annually, a move that will likely keep interest rates low for years to come.  The Fed on Wednesday, Sept. 16,  also left its benchmark short-term rate unchanged at nearly zero, where it has been since the pandemic intensified in March.  (Bill O'Leary/The Washington Post via AP, Pool)

Powell: Many small companies can borrow without Main Street

Sep. 21, 2020 5:40 PM EDT

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell says that many mid-size U.S. businesses are now able to borrow from banks, suggesting that the need for a Fed lending program that was designed to serve struggling medium-size companies has waned. In remarks prepared for delivery Tuesday to the House...

House Speaker Nancy Pelosi of Calif., center, with House Democrats including House Majority Whip James Clyburn, of S.C., left, and Chairman of the House Energy and Commerce Committee Rep. Frank Pallone, D-N.J., speaks during a news conference about COVID-19, Thursday, Sept. 17, 2020, on Capitol Hill in Washington. (AP Photo/Jacquelyn Martin)

Stopgap bill to prevent shutdown held up over farm funding

Sep. 19, 2020 1:29 AM EDT

WASHINGTON (AP) — Efforts to fashion a temporary spending bill needed to avert a government shutdown at the end of the month ran aground Friday amid a fight over farm bailout funding that's a key priority of President Donald Trump and Capitol Hill Republicans. A House Appropriations Committee spokesman...

House Speaker Nancy Pelosi of Calif., center, with House Democrats including House Majority Whip James Clyburn, of S.C., left, and Chairman of the House Energy and Commerce Committee Rep. Frank Pallone, D-N.J., speaks during a news conference about COVID-19, Thursday, Sept. 17, 2020, on Capitol Hill in Washington. (AP Photo/Jacquelyn Martin)

Stopgap bill to prevent shutdown held up over farm funding

Sep. 18, 2020 7:58 PM EDT

WASHINGTON (AP) — Efforts to fashion a temporary spending bill needed to avert a government shutdown at the end of the month ran aground Friday amid a fight over farm bailout funding that's a key priority of President Donald Trump and Capitol Hill Republicans. A House Appropriations Committee spokesman...

Editorial Roundup: US

Sep. 16, 2020 2:58 PM EDT

Excerpts from recent editorials in the United States and abroad: Sept. 15 The LNP newspaper in Lancaster, Pennsylvania, on the death of Ricardo Miguel Muñoz, who was fatally shot by Lancaster city police: The family of Ricardo Miguel Muñoz — who was fatally shot Sunday afternoon by a Lancaster...

FILE - In this June 28, 2017, file photo, U.S. Ambassador to China Terry Branstad makes comments about pro-democracy activist and Nobel Laureate Liu Xiaobo during a photocall and remarks to journalists at the Ambassador's residence in Beijing. Branstad appears to be leaving his post, based on tweets by Secretary of State Mike Pompeo. Pompeo thanked Branstad for more than three years of service on Twitter on Monday, Sept. 14, 2020. (AP Photo/Ng Han Guan, File)

Terry Branstad, US ambassador to China, to leave next month

Sep. 14, 2020 9:02 PM EDT

BEIJING (AP) — The U.S. ambassador to China will step down early next month, ending a three-year tenure marked by a trade war and increasingly bitter relations between the world's two largest economies. Terry Branstad, appointed by President Donald Trump in 2017, confirmed his decision in a phone call with...

FILE - This Feb. 25, 2020, file photo, shows the icon for TikTok in New York. TikTok's owner has chosen Oracle over Microsoft as its preferred suitor to buy the popular video-sharing app, according to a source familiar with the deal, Sunday, Sept. 13, 2020. (AP Photo/File)

Oracle and TikTok struck a deal. What it is, none will say

Sep. 14, 2020 5:39 PM EDT

The short-video app TikTok has chosen Oracle as its corporate savior to avoid a U.S. ban ordered by President Donald Trump. The U.S. government will review the prospective deal. That much is known. Everything else is confusion, at least to outsiders. For instance: — What does it mean that, as Oracle...

FILE - In this July 17, 2020, file photo, a man wearing a shirt promoting TikTok is seen at an Apple store in Beijing, China. TikTok’s parent company ByteDance has chosen Oracle over Microsoft as a new American technology partner to help keep the popular video-sharing app operating in the U.S., according to a person familiar with the deal.(AP Photo/Ng Han Guan, File)

Q&A: What does a deal between TikTok and Oracle mean?

Sep. 14, 2020 12:50 PM EDT

HONG KONG (AP) — ByteDance, the Chinese company that owns the popular video-sharing app TikTok, has chosen Oracle over Microsoft as a new American technology partner to help keep the app operating in the U.S. TikTok confirmed the decision Monday, echoing earlier statements from Oracle and the U.S. treasury...

Treasury Secretary Steven Mnuchin testifies before the House Select Subcommittee on the Coronavirus Crisis, during a hybrid hearing, Tuesday, Sept. 1, 2020, on Capitol Hill in Washington. (Graeme Jennings/Pool via AP)

Charges, sanctions revive specter of Russian interference

Sep. 11, 2020 12:37 AM EDT

WASHINGTON (AP) — The Trump administration has charged a Russian national in a sweeping plot to sow distrust in the American political process and imposed sanctions against a Russia-linked Ukrainian lawmaker accused of interfering in the U.S. presidential election. Those actions on Thursday, combined with...