10 things you need to know today: May 20, 2020

Mnuchin warns of "permanent" economic damage if states reopen too slowly, WHO agrees to review coronavirus response, and more

Steven Mnuchin in Washington
(Image credit: Drew Angerer/Getty Images)

1. Mnuchin warns some economic damage could be permanent unless states reopen

Treasury Secretary Steven Mnuchin told the Senate Banking Committee on Tuesday that the U.S. economy might suffer "permanent damage" from the coronavirus crisis if states wait too long to let businesses reopen. He said if people remain unemployed for extended periods their careers might never recover. In a joint appearance, Federal Reserve Chair Jerome Powell warned that the economy could face long-term damage unless authorities use further aggressive policies to boost the economy through the crisis. Powell suggested that the Fed might have to expand its purchases of municipal bonds so that state and local governments don't slow the recovery by laying off workers. Powell said the economy won't recover completely until the public health emergency ends.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.