Jerome Powell

Federal Reserve Chairman Jerome Powell testified before the Sentate Committee on Banking, Housing and Urban Affairs Tuesday, and during that testimony, he said it was crucial that the federal government get Fannie Mae and Freddie Mac off its balance sheet. CNBC reports:

In remarks he provided ahead of a question-and-answer session, Powell painted a largely positive picture of the economy, which he said is expanding at an increasing pace and is being boosted by aggressive fiscal policy on Capitol Hill.

"Overall, we see the risk of the economy unexpectedly weakening as roughly balanced with the possibility of the economy growing faster than we currently anticipate," Powell said.

"The unemployment rate is low and expected to fall further. Americans who want jobs have a good chance of finding them," he added.

Here's part of Powell's testimony; the housing finance questions and responses come at approximately 2:15 in the video.

Fed's Powell: Important to get housing finance off governmental balance sheet from CNBC.

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