Treasury Secretary and Federal Reserve Chairman Testify on Pandemic Response
Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powel appeared before the House Financial Services Committee on Tuesday to discuss the nation’s economic response to the pandemic. Their testimony on the oversight of the Treasury Department’s and Federal Reserve’s pandemic response, required as part of the CARES Act, focused on how the nation’s economic recovery is still far from complete. In their remarks to the committee, Secretary Yellen and Chairman Powell explained that while the economy is seeing signs of recovery Congress should still continue to provide critical support for households, businesses, healthcare providers and state and local governments. Chairman Powell testified that thanks to the CARES Act, the housing market has more than fully recovered from the COVID-19 economic downturn and business investments and manufacturing production have increased, but more work needs to be done as spending on services still remains low.
Testifying before the Senate Banking, Housing and Urban Development Committee on Wednesday, Chairman Powell and Secretary Yellen stated that the economic recovery is far from complete and that the continued government support is what’s providing a critical lifeline to families and businesses. Chairman Powell testified that the federal government averted the worst possible outcomes in the pandemic economic recession with an aggressive spending response and super-low Fed interest rates, and that the Fed will continue to provide the economy the support that it needs for as long as it takes. Secretary Yellen, who was a strong supporter of the recently passed $1.9 trillion COVID-19 relief package, said responding to this crisis with a surge of needed temporary spending was the appropriate action to take. Underscoring her point, Secretary Yellen testified that while 10 million people still remain jobless, the economy may see a return to full employment by early next year. “With the passage of the American Rescue Plan, I am confident people will reach the other side of this pandemic with the foundations of their lives intact and will be met there by a growing economy,” Secretary Yellen said during the hearing.
To view the House Financial Services Committee hearing on Oversight of the Treasury Department’s and Federal Reserve’s Pandemic Response, click here.
To view the Senate Banking Committee hearing on the Quarterly CARES Act Report to Congress, click here.
HUD Releases 2020 Annual Homeless Assessment Report
This week, the Department of Housing and Urban Development released its 2020 Annual Homeless Assessment Report Part 1 to Congress. HUD releases the Annual Homeless Assessment Report to Congress in two parts. Part 1 provides a Point-in-Time estimate that offers a snapshot of homelessness, both sheltered and unsheltered, on a single night. The Point-in-Time counts of homelessness and the housing inventory information are based on data from January 2020 and do not reflect the health or economic consequences of the COVID-19 pandemic for levels of homelessness or characteristic of people experiencing homelessness.
The report found that the number of people experiencing homelessness nationwide increased by two percent between 2019 and 2020, or 12,751 more people. This marks the fourth consecutive year that total homelessness has increased in the United States. The report also found that between 2019 and 2020, homelessness increased significantly among unsheltered populations and people experiencing chronic homelessness. Veteran homelessness did not decrease compared with 2019, and homelessness among family households did not decrease for the first time since 2010. The report also found that people of color are significantly over-represented among people experiencing homelessness.
To view the 2020 Annual Homeless Assessment Report to Congress, Part 1 Point-in-Time Estimates of Homelessness, click here.
Key Federal Appointments
President Joe Biden nominated Ms. Adrianne Todman to be Housing and Urban Development deputy secretary. Ms. Todman has been the CEO of the National Association of Housing and Redevelopment Officials, an affordable housing group, since 2017. This will not be Ms. Todman’s first tour at HUD, as she’s worked previously as a policy aide in both the Office of Public and Indian Housing and the Office of the Secretary before leaving to become the executive director of the District of Columbia Housing Authority in 2009. Ms. Todman has also spent time on Capitol Hill, where she worked as a legislative director for former Virgin Islands Del. Ron de Lugo.
The White House has also formally announced the appointment of Erika Poethig as Special Assistant to the President for Housing and Urban Policy at the White House’s Domestic Policy Council. Before joining the Biden-Harris Administration, Ms. Poethig was Chief Innovation Officer and Vice President for the Research to Action Lab at the Urban Institute. In the Obama-Biden Administration, she held several positions including Acting Assistant Secretary for the Office of Policy Development and Research at the U.S. Department of Housing and Urban Development and was a leading architect of the White House Council for Strong Cities, Strong Communities. Ms. Poethig graduated from The College of Wooster and the University of Chicago Harris School of Public Policy.
Additionally, Mr. Jamal Habibi was named Chief of Staff for the United States Department of Agriculture’s Rural Housing Service. Prior to his appointment, Mr. Habibi was a Senior Associate at the Opportunity Finance Network. During the Obama Administration, he served as Outreach Director at the Department of Treasury, and as a Special Assistant at USDA. Mr. Habibi holds a bachelor’s degree from the University of Wisconsin, Madison.