As the United States plunges into the worst economic downturn in decades, there is growing concern that the Federal Reserve and the Treasury are being too timid and halting in their approach as they scramble to rescue the economy.

The Senate Banking Committee took its first look at spending under the massive CARES Act, which Congress approved in March to provide assistance to individuals, businesses and local governments affected by the coronavirus pandemic.

Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin were pressed by senators about their stewardship of specific aspects of the approximately $2 trillion relief package at Tuesday's remote hearing.

WASHINGTON (AP) — The Treasury Department and Federal Reserve have lent hardly any money under a $500 billion fund created by the economic rescue law passed in response to the coronavirus crisis, a congressional oversight panel says in a new report.

The Treasury fund is being used to guarantee new, expansive Federal Reserve lending programs to companies, states and cities that could be leveraged to reach as much as $4.5 trillion.