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Watch Live: White House Will Send Checks To Americans Within 2 Weeks, Mnuchin Says

Courtesy of ZeroHedge View original post here.

Update (1200ET): After unveiling a plan for the Fed to work with the Treasury to provide $1 trillion in liquidity to the commercial paper market, Mnuchin added that he's working with Congress to plan a "big" rescue package for the public. He wouldn't give an exact figure, but did suggest that it might be larger than the $850 billion figure cited in the press.

The president wants this legislation passed by the end of the week at the latest, and will likely move ahead with sending checks to Americans within the next two weeks as part of the "very significant" package that will be presented to Congress today.

Payments should be looked as “business interruption payments” for Americans, Mnuchin said. Asked who would receive the checks, Trump said most Americans would, though those making "a million dollars a year" probably wouldn't.

"We want to make sure Americans get money in their pockets quickly,” he added.

The plan will also include money for small businesses, as well as loan guarantees to airlines and tourism companies.

“We don’t want airlines going out of business," Mnuchin said, adding that this crisis was "worse than 9/11" for the airlines.

Speaking of 9/11, Mnuchin insisted he wanted to set one thing straight before running off to Capitol Hill: The Treasury Secretary insisted that the market would not close because of the coronavirus, and that banks would stay open, even if they instituted shorter hours.

"The only reason the market closed after 9/11 was because the technology was disrupted…but Americans should know, we are going to do everything to make sure that Americans will have access to the money in their stocks, in their 401(k)s and their portfolios," Mnuchin said.

Stocks climbed to their session highs on the news, as the White House continues to move closer to where traders want it to be regarding fiscal stimulus.

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With US stocks back in the green, White House is holding yet another press conference to discuss the latest progress in the response. Will Trump announce the massive $850 billion stimulus package that has been kicking around all morning?

Watch live:


 


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