There are fevered, round the clock meetings happening led by principles Larry Kudlow and Steven Mnuchin. But no agreement yet on whether and how long to suspend payroll taxes and how to aid staggered industries including airlines and hotels.
Keep up with COVID-19 news, updates and analysis in our exclusive nightly intelligence brief focused on the impact of the coronavirus on our politics and policy, the economy and global health. POLITICO’s expert reporting team provides the latest developments of the ongoing outbreak and a critical distillation of the public policy news and impact across industries.— Our Victoria Guida: "The eight U.S.
“While the lenders will probably be in no need of a multibillion-dollar bailout as they were back then, they’re dealing with stress from all sides as they’re pressured to help shield consumers, businesses and other financial firms from a wave of economic pain that has already begun to hit.”— Former Fed governor Kevin Warsh in the WSJ: “[T]he Fed possesses powerful untapped authority, and with the help of Congress and the administration there is much it can do to improve economic prospects.
“In consultation with the Treasury secretary and congressional leaders, the Fed should immediately invoke its emergency powers under Section 13 of the Federal Reserve Act and establish a new credit facility to ensure that sound businesses and households have ready access to cash to get through the crisis.”
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