Mnuchin defends shut down of Fed emergency loan programs
Sen. Jon Tester, D-Mont., speaks via teleconference as Treasury Secretary Steven Mnuchin and Chairman of the Federal Reserve Jerome Powell testify during a Senate Banking Committee hearing on 'The Quarterly CARES Act Report to Congress' on Capitol Hill in Washington, Tuesday, Dec. 1, 2020. (AP Photo/Susan Walsh, Pool)

Sen. Jon Tester, D-Mont., speaks via teleconference as Treasury Secretary Steven Mnuchin and Chairman of the Federal Reserve Jerome Powell testify during a Senate Banking Committee hearing on 'The Quarterly CARES Act Report to Congress' on Capitol Hill in Washington, Tuesday, Dec. 1, 2020. (AP Photo/Susan Walsh, Pool)

Dec. 01, 2020 11:40 AM EST
Chairman of the Federal Reserve Jerome Powell listens as Treasury Secretary Steven Mnuchin testifies during a Senate Banking Committee hearing on 'The Quarterly CARES Act Report to Congress' on Capitol Hill in Washington, Tuesday, Dec. 1, 2020. (AP Photo/Susan Walsh, Pool)

Chairman of the Federal Reserve Jerome Powell listens as Treasury Secretary Steven Mnuchin testifies during a Senate Banking Committee hearing on 'The Quarterly CARES Act Report to Congress' on Capitol Hill in Washington, Tuesday, Dec. 1, 2020. (AP Photo/Susan Walsh, Pool)

Dec. 01, 2020 11:12 AM EST
Chairman of the Federal Reserve Jerome Powell and Treasury Secretary Steven Mnuchin testify during a Senate Banking Committee hearing on 'The Quarterly CARES Act Report to Congress' on Capitol Hill in Washington, Tuesday, Dec. 1, 2020. (AP Photo/Susan Walsh, Pool)

Chairman of the Federal Reserve Jerome Powell and Treasury Secretary Steven Mnuchin testify during a Senate Banking Committee hearing on 'The Quarterly CARES Act Report to Congress' on Capitol Hill in Washington, Tuesday, Dec. 1, 2020. (AP Photo/Susan Walsh, Pool)

Dec. 01, 2020 11:12 AM EST
Chairman Mike Crapo, R-Idaho, listens as Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin, not pictured, testify during a Senate Banking Committee hearing on Capitol Hill, on Tuesday, Dec. 1, 2020, in Washington. (Al Drago/The New York Times via AP, Pool)

Chairman Mike Crapo, R-Idaho, listens as Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin, not pictured, testify during a Senate Banking Committee hearing on Capitol Hill, on Tuesday, Dec. 1, 2020, in Washington. (Al Drago/The New York Times via AP, Pool)

Dec. 01, 2020 11:04 AM EST
Treasury Secretary Steven Mnuchin listens during a Senate Banking Committee hearing on 'The Quarterly CARES Act Report to Congress' on Capitol Hill in Washington, Tuesday, Dec. 1, 2020. (AP Photo/Susan Walsh, Pool)

Treasury Secretary Steven Mnuchin listens during a Senate Banking Committee hearing on 'The Quarterly CARES Act Report to Congress' on Capitol Hill in Washington, Tuesday, Dec. 1, 2020. (AP Photo/Susan Walsh, Pool)

Dec. 01, 2020 11:12 AM EST
Chairman Mike Crapo, R-Idaho, speaks as Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin, not pictured, testify during a Senate Banking Committee hearing on Capitol Hill, on Tuesday, Dec. 1, 2020, in Washington. (Al Drago/The New York Times via AP, Pool)

Chairman Mike Crapo, R-Idaho, speaks as Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin, not pictured, testify during a Senate Banking Committee hearing on Capitol Hill, on Tuesday, Dec. 1, 2020, in Washington. (Al Drago/The New York Times via AP, Pool)

Dec. 01, 2020 11:04 AM EST
Sen. Tom Tillis, R-N.C., listens as Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin, not pictured, testify during a Senate Banking Committee hearing on Capitol Hill, on Tuesday, Dec. 1, 2020, in Washington. (Al Drago/The New York Times via AP, Pool)

Sen. Tom Tillis, R-N.C., listens as Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin, not pictured, testify during a Senate Banking Committee hearing on Capitol Hill, on Tuesday, Dec. 1, 2020, in Washington. (Al Drago/The New York Times via AP, Pool)

Dec. 01, 2020 11:04 AM EST
Treasury Secretary Steven Mnuchin speaks during a Senate Banking Committee hearing on Capitol Hill, on Tuesday, Dec. 1, 2020, in Washington. (Al Drago/The New York Times via AP, Pool)

Treasury Secretary Steven Mnuchin speaks during a Senate Banking Committee hearing on Capitol Hill, on Tuesday, Dec. 1, 2020, in Washington. (Al Drago/The New York Times via AP, Pool)

Dec. 01, 2020 11:04 AM EST
Chairman Mike Crapo, R-Idaho, listens as Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin, not pictured, testify during a Senate Banking Committee hearing on Capitol Hill, on Tuesday, Dec. 1, 2020, in Washington. (Al Drago/The New York Times via AP, Pool)

Chairman Mike Crapo, R-Idaho, listens as Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin, not pictured, testify during a Senate Banking Committee hearing on Capitol Hill, on Tuesday, Dec. 1, 2020, in Washington. (Al Drago/The New York Times via AP, Pool)

Dec. 01, 2020 11:04 AM EST
Treasury Secretary Steven Mnuchin testifies during a Senate Banking Committee hearing on 'The Quarterly CARES Act Report to Congress' on Capitol Hill in Washington, Tuesday, Dec. 1, 2020. (AP Photo/Susan Walsh, Pool)

Treasury Secretary Steven Mnuchin testifies during a Senate Banking Committee hearing on 'The Quarterly CARES Act Report to Congress' on Capitol Hill in Washington, Tuesday, Dec. 1, 2020. (AP Photo/Susan Walsh, Pool)

Dec. 01, 2020 11:12 AM EST