Economy Healing But Still Battered, Fed Chief Warns

The New York Times: Fed Chair Powell Warns Coronavirus Pandemic Could Widen Inequalities
Jerome H. Powell, chair of the Federal Reserve, told lawmakers on Tuesday that the economy’s nascent rebound was likely to take a long time to reach all corners of the job market — and that already-disadvantaged groups were likely to suffer the most if the downturn drags on. While some parts of the economy are seeing a modest rebound, “levels of output and employment remain far below their pre-pandemic levels, and significant uncertainty remains about the timing and strength of the recovery,” Mr. Powell told the Senate Banking Committee. (Smialek, 6/16)

The Hill: Powell Presses Congress For More Coronavirus Support 
Federal Reserve Chairman Jerome Powell warned senators Tuesday that the U.S. economy still needs support from Congress and the central bank in the coronavirus recession fight despite a recent uptick in hiring and retail sales. In testimony before the Senate Banking Committee, the Fed chairman urged lawmakers not to let a string of surprisingly optimistic economic data dissuade them from taking further action to support struggling Americans and industries. (Lane, 6/16)

The Wall Street Journal: Pressure Builds On Trump Administration To Name PPP Borrowers
Pressure is building on the Trump administration to disclose the names of borrowers that received loans through the Paycheck Protection Program, and a key senator signaled that the names of larger loan recipients could be released. The Small Business Administration has so far not made public the list of roughly 4.6 million businesses that have received more than $512 billion from the pandemic emergency lending program since early April. (Tracy, 6/17)

The New York Times: Unemployment Tracker: Job Losses For Black Workers Are Deepening
For long stretches of the pandemic, black and white employment losses largely mirrored each other. But in the last month, layoffs among African-Americans have grown while white employment has risen slightly. Now, among all the black workers who were employed before the pandemic, one in six are no longer working. It’s not clear what is specifically causing these job losses. One possibility is that the pandemic is disproportionately hitting industries and regions that are more heavily African-American. (Tedeschi and Bui, 6/16)

The New York Times: The Rich Cut Their Spending. That Has Hurt All The Workers Who Count On It.
In the Manhattan restaurants around Lincoln Center, the tips often rose and fell with the changing playbill. A popular classic musical could mean more preshow diners, and more income. A more famous actress as Eliza Doolittle could do the same. The end of a big run, like “My Fair Lady,” meant the opposite: Tips would be down for a while. “We were dependent on how well shows were doing at Lincoln Center, and we really did pay attention,” said Emma Craig, who was a server at the Atlantic Grill a block away before the coronavirus crisis. She has not returned to that job yet, or to another singing at a private supper club downtown. In both jobs, she said, “I am dependent on the trickle down.” (Badger and Parlapiano, 6/17)

The Wall Street Journal: New York City Businesses Bend Coronavirus Rules To Survive
Some New York City business owners, desperate for revenue months into the coronavirus pandemic, are bending or breaking the rules limiting restaurants and retail stores to takeout or curbside pickup. New York City took its first, limited steps toward reopening its economy last week with industries like construction and manufacturing restarting, and retail stores allowed to offer curbside and in-store pickup. Other business activity is still sharply restricted, however, and officials warn that violations risk undoing the state’s progress on lowering coronavirus infections. (King and Yang, 6/16)

The Associated Press: Donations To Fight Virus, Injustice Could Sustain Charities
A recession is expected to curtail Americans’ generosity following a record year for charitable donations, but the recent wave of money dedicated to fighting the coronavirus and racial inequality in the U.S. is offering a beacon of hope for nonprofits in 2020. The Giving USA report, released Tuesday, estimates nearly $450 billion was donated to charities in 2019, a 2.4% uptick from the previous year when adjusted for inflation. It marked a record year for giving that reflected a booming economy. (Ho, 6/17)

And elsewhere on Capitol Hill —

The Washington Post: Senate Ethics Panel Dismisses Insider-Trading Inquiry Into Sen. Loeffler
The Senate Ethics Committee dismissed its investigation into Sen. Kelly Loeffler (R-Ga.) for alleged insider trading ahead of the coronavirus pandemic, notifying her in a letter Tuesday that it found “no evidence” the senator violated the law or Senate rules. The panel’s decision follows the Justice Department, which last month closed its probe of Loeffler’s stock sales before the pandemic crashed the markets. (Itkowitz, 6/16)

The Hill: Pelosi Asks House Chairs To Enforce Mandatory Mask-Wearing During Hearings 
Speaker Nancy Pelosi (D-Calif.) is asking chairs of House committees to require members on their panels to wear masks during proceedings amid the coronavirus pandemic. Pelosi is asking the chairs to “enforce rules of decorum and exclude Members who fail to comply," a senior Democratic aide familiar with the matter told The Hill late Tuesday. (Axelrod, 6/16)