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September 29, 2021

Senate Banking panel questions Treasury Secretary Yellen, Fed Chair Powell on pandemic relief, other issues

Yellen, Powell grilled on debt limit, stepped-up basis, bank reporting of transactions, Fed-backed digital currency; Toomey says Senate would have to ratify Global Minimum Tax Accord

The Senate Banking Committee on September 28 held a hearing on "CARES Act Oversight of the Treasury and Federal Reserve: Supporting an Equitable Pandemic Recovery." The witnesses were Treasury Secretary Janet Yellen and Federal Reserve Board Chairman Jerome Powell. Materials from the hearing are available here.

Additional details are available in the attached Tax Alert.


Contact Information
For additional information concerning this Alert, please contact:
Washington Council Ernst & Young
   • Will Heyniger (
   • Bob Schellhas (


Senate Banking Committee hearing