Steve Mnuchin, the Secretary of the Treasury, came to the White House after a long career working with Goldman Sachs and then a variety of hedge funds. At the last count, the former financier’s net worth came in at an estimated $400 million.
With the kind of nest egg, it could be difficult for Mnuchin to imagine the cost of things for everyday Americans. During a Sunday appearance on CBS’ Face the Nation, the Treasury Secretary said that the $1200 relief checks should hold families over for up to 10 weeks.
The host of the program, Margaret Brennan, pointed out that the money won’t stretch very far in some areas of the country.
Mnuchin replied, “I think the entire package provides economic relief overall for about 10 weeks. Hopefully we will kill this virus quicker and we won’t need it, but we have liquidity to put into the American economy to support American workers and American business.”
The Treasury Secretary also had good news for Americans desperate for their relief checks. He told Brennan:
“We expect that within three weeks, that people who have direct deposit with information with us will see those direct deposits into their bank accounts, and we will create a web-based system for people where we don’t have their direct deposit, they can upload it so that they can get the money immediately as opposed to checks in the mail.”
Watch a clip of Mnuchin’s interview with CBS below:
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Todd Neikirk is a New Jersey based politics and technology writer. His work has been featured in psfk.com, foxsports.com and Pet Lifestyles Magazine. He enjoys sports, politics, technology and spending time at the shore with his family.