Steve Mnuchin “Hopeful” Deal On Coronavirus Relief Bill Deal

Seratary Mnuchin Official Picture

Treasury Secretary Steven Mnuchin says that he wants to work out some sort of compromise deal on relief packages for Americans hurting financially due to the Covid-19 shutdowns. He made the comments on a CNBC sponsored conference earlier today.

Secretary Mnuchin said about a deal, “I think we’re hopeful that we can get something done.” He plans a counter proposal to the e $2.2 trillion relief bill that House Democrats just offered.

The statement led to a 400 point jump on the Dow Jones as investors heard the word “hopeful.”
“I say we’re going to give it one more serious try to get this done and I think we’re hopeful that we can get something done,” he said during the Delivering Alpha conference presented by CNBC and Institutional Investor. “I think there is a reasonable compromise here.”

“Let’s see if we can get a compromise agreement with the speaker, something that works, and then we’ll continue to work with both sides on all the exact language and the policies,” Mnuchin added.

House Speaker Nancy Pelosi told MSNBC, “We’ll just see what they come back with today and how our negotiations go next.”

This comes a day after Secretary Mnuchin announced financial aid for seven American airlines with funds appropriated by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The seven air carriers are Alaska Airlines, American Airlines, Frontier Airlines, JetBlue Airways, Hawaiian Airlines, SkyWest Airlines, and United Airlines. The Treasury Department says that the initial loan amounts will be increased as a result of some major airlines determining not to move forward with loans from Treasury due to the availability of financing in the private markets. $25 billion in total funding has been allocated for this and each recipient will be limited to no more than 25% of the amount or $7.5 billion.

“The payroll support and loan programs created by the CARES Act have saved a large number of aviation industry jobs, and kept workers employed and connected to their healthcare, during an unprecedented time,” said Secretary Steven T. Mnuchin. “We are pleased to conclude loans that will support this critical industry while ensuring appropriate taxpayer compensation. We call on Congress to extend the Payroll Support Program so we can continue to support aviation industry workers as our economy reopens and we continue on the path to recovery.”

Meanwhile, the Treasury Department has moved to cut the finances of the Syrian regime. The Secretary promised new action against what he described as key enablers of the Assad regime that are associated with the Fourth Division of the Syrian Arab Army, the Syrian General Intelligence Directorate, and the Central Bank of Syria. Specifically, Treasury’s Office of Foreign Assets Control (OFAC) added three individuals and 13 entities to the Specially Designated Nationals and Blocked Persons List, pursuant to Syria sanctions authorities. Treasury is sanctioning a prominent, regime-connected Syrian businessman, who serves as an intermediary for the Fourth Division of the Syrian Arab Army, and his network of businesses that generate revenue for the regime and its supporters.

“Those who continue to stand with the brutal regime of Bashar al-Assad further enable its corruption and human rights abuses,” said Secretary Steven T. Mnuchin. “As we mark three years since the regime’s slaughter of Syrian civilians in Armanaz, Syria, the United States will continue to employ all of its tools and authorities to target the finances of anyone who profits from or facilitates the Assad regime’s abuse of the Syrian people.”