Federal Reserve leader says the hospitality industry needs help

The leader of the Federal Reserve says the hospitality industry needs more money to survive.

Jerome Powell and Treasury Secretary Steven Mnuchin told Nevada senator Catherine Cortez-Masto the industry has been devastated by the pandemic.

2:47 THE TWO THINGS IT NEEDS ISFOR THE PANDEMIC TO BE OVERWHICH WE REALLY CAN'T DO AND ITNEEDS GRANTS WHICH WE ALSOCAN'T DO.2:56 FOR MOST BUSINESSES INTHAT INDUSTRY, REALLY WHATTHEY NEED IS MORE FISCALSUPPORTJEROME POWELL AND TREASUREYSECRETARY STEVEN MNUCHIN TOLDNEVADA SENATOR CATHERINECORTEZ-MASTO THE INDUSTRY HASBEEN DEVASTATED BY THEPANDEMIC.THEY ALL AGREE THE INDUSTRYCOULD BENEFIT FROM FINANCIALSUPPORT.BUT WHERE THAT MONEY COMES FROMIS STILL UP FOR DEBATE.NEARLY -70- PERCENT OF HOTELSCOULD CLOSE BY THE END OF THISYEAR WITHOUT MORE FINANCIALASSISTANCE.PRESIDENT TRUMP IS THREATING TOVETO A NATIONAL DEFENSE