Treasury Secretary Mnuchin on coronavirus relief bill

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CNBC Transcript: Treasury Secretary Steven Mnuchin speaks with CNBC’s “Squawk on the Street” today on coronavirus relief bill

WHEN: Today, Thursday, March 26, 2020

WHERE: CNBC’s “Squawk on the Street”

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Watch CNBC’s full interview with Treasury Secretary Steven Mnuchin On Coronavirus Relief Bill

JIM CRAMER: Joining us now is Treasury Secretary Steve Mnuchin. First, Mr. Secretary, congratulations on the record time you put this together, particularly vs. 2007, 2009. When will the checks be in the mail?

SEC. STEVEN MNUCHIN: First, thanks for having me back. I want to thank the Senate for their swift action. People literally worked around the clock for five days. And the President and I and others couldn’t be more pleased with the absolute unanimous support on a bipartisan basis to get this done. In regard to the checks, I announced yesterday from the White House press conference, first of all, most of these will be direct deposit, so we call them checks in the mail, but most of them will be direct deposits. It will be within three weeks. We’re determined to get money in people’s pockets immediately. So, that will be within three weeks.

JIM CRAMER: No issues with the House? We don’t have to worry about that, can they hold it up?

SEC. STEVEN MNUCHIN: I would hope that the House passes this unanimously. I have already reached out to the speaker and to Kevin McCarthy on the sense of urgency. The American workers and American public and American business, they need the money now. So, this is not the time to debate a bill that passed with every single vote, other than the few people who couldn’t be there in person.

JIM CRAMER: You know what, Mr. Secretary, when I go through the bill, what I keep finding, and it struck me, is that you told us at the very beginning, this is going to be like business interruption insurance. This is going to be about small and medium-sized business. I tried very hard to try to discredit that and I couldn’t. It’s really true. There’s very little about corporations. It’s very much about the small and medium-size. And you added the 1099, which I know is the new economy, the gig economy. Can you find all these people to give them the money? Because this is a very complicated task, to give all these people the money. Because you delivered, it goes to the people, not to the companies.

SEC. STEVEN MNUCHIN: Well, Jim, you’re right. The majority of this coronavirus relief bill bill is all about small business and American workers. We wanted to include in the definition of small businesses, as you …read more

Source:: ValueWalk


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