Powell To Tell Congress The Fed Is Committed To Using All Tools To Fight The Unprecedented Downturn

Federal Reserve Chairman Jerome Powell is reiterating his institution's commitment to programs aimed at keeping markets functioning and getting money to those who need it during the coronavirus crisis.

In prepared remarks that Powell will deliver to the Senate Committee on Banking, Housing, and Urban Affairs, he outlines the myriad programs the Fed has developed during the pandemic.

"The Federal Reserve's response to this extraordinary period has been guided by our mandate to promote maximum employment and stable prices for the American people, along with our responsibilities to promote stability of the financial system," the statement says "We are committed to using our full range of tools to support the economy in this challenging time even as we recognize that these actions are only a part of a broader public-sector response."

Since the implementation of social distancing measures to contain the coronavirus, the Fed, Congress and the Treasury have joined on a variety of programs to keep the economy afloat.

On the Fed's side, most of those have taken the shape of lending facilities aimed at individuals, businesses and local and state governments. The Fed also cut its benchmark interest rate to near zero and is buying various forms of government debt to keep markets and the financial system functioning properly.

"The Federal Reserve has been entrusted with an important mission, and we have taken unprecedented steps in very rapid fashion over the past few months," Powell said.

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.

RECENT NEWS

Stocks Rise After Better-than-expected Jobs Report To Close Out Winning Week

Stocks rose on Thursday following a better-than-expected U.S. jobs report as the economy tries to recover from the coron... Read more

Record Jobs Gain Of 4.8 Million In June Smashes Expectations; Unemployment Rate Falls To 11.1%

Another big contributor to the decline of the jobless rate was a plunge in those on temporary layoff. That total fell by... Read more

17.6 Million Unemployed Americans Probably Won't Return To Their Pre-pandemic Jobs

The share of the workforce currently out of work with no reasonable chance of returning to their jobs is about 11%, or a... Read more

GM, Fiat Chrysler U.S. Auto Sales Tank In Second Quarter As Coronavirus Saps Demand

U.S. vehicle sales in the second quarter for General Motors, Toyota Motor and Fiat Chrysler plunged by more than 30% Read more

Mortgage Demand Falls For The Second Straight Week, Signaling A Potential Slowdown In The Housing Recovery

The surge in mortgage demand from homebuyers over the past two months appears to be waning, even as mortgage rates conti... Read more

Fed's Bullard Warns Of Financial Crisis Risks As Virus Cases Spike, FT Reports

St. Louis Federal Reserve Bank president James Bullard has warned that a growing number of bankruptcies due to the coron... Read more