steven mnuchin 0 who joins us from the white house, good morning to you, mr. secretary. >> good morning, it is good to be with you. >> brennan: you will have incredible responsibility in oversight of this $2 trillion rescue package but what i want to specific ask you about now is when americans will receive those 1,200 dollar checks. >> we expect that within three weeks that people who have direct deposit with information with us will see those direct deposits in 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. >> brennan: 1,200 dollars takes you a lot farther in nebraska than it does in california, how do you want people to be spending this money? >> well, there is really three components of this law now that protects the american public and the president was determined that we protect the american workers, since it was not their fault that we shut down the economy, while we kill this virus. so the first component is small business loans, which about half of the countries in half of the companies in the u.s. will be able to get small business loans and pay their workers for eight weeks so we encourage people to do that and get them back to work. two, there will be enhanced unemployment insurance and three as you said there will be these checks in the mail or direct deposit, it is really bridge liquidity for people as they go through these difficult times. >> brennan: bridge liquidity for about eight weeks? >> well, 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. >> brennan: so you don't know if the economy is going to be up and running by memorial day, essentially? i mean, are you going to wait that long to come up with phase 4 round of stimulus? >> well, i main focus is now executing. we have everybody within treasury and the administration working around the clock to get this money out quickly, since this doesn't do people any good if it takes a long time. we also have the task force and the medical professionals making recommendations to the president about when they think the economy will be reopened, and if for whatever reason this takes longer than we think we will go back to congress and get more support for the american economy, but i hope that is not needed. >> brennan: you will also have a key role in overseeing what is a tremendous financial rescue package for some of the biggest corporations in this country. at least 500 billion in size for one of these funds. how is this going to work? should americans at home understand that you are going to run this, the same way that they saw the auto companies bailed out during the financial crisis? >> well, let me just be clear. the majority of this money, 450 billion is money that we use with the federal reserve to create broad based programs, and, you know, chair powell and i speak multiple times a day. the way that works is, the federal reserve requests us to approve a specific program. i as treasury secretary have to do that. i have approved every single one. they asked for so far and in many of these packages we put up money to support the credit for the fed. so those are bed based programs. there is also approximately $50 billion that is in specific lending authority where we can lend to -- out of treasury to the airlines industry and other national security industries where it is critical and i will be working with the president on all of those and let me just emphasize, we have full transparency on anything we do. we will be reporting to the public. >> brennan: okay. the president said on friday, though, the american public could end up owning large chunks of these corporations. what does that mean? is this going to be run like to auto bail out was? will the u.s. govesseessentiallg equity stakes, warrants? will american b's owning companies. >> let me be clear we are not bailing out any companies, any industries, any loans we make,el mpensated for. >> brennan: how? that's what i am asking. >> we will look at each one of these situations, some of them are very good companies that just immediately quid at this and will get loans. some of these companies may need more significant help and we may be taking warrants or equity as well as. the president wants to make sure the american taxpayers are compensated. this is not a bailout. >> brennan: okay. so you still have to determine that, but specifically with a company like boeing, in particular, they have said they don't want to essentially allow these equity stakes takes. this potentially could be a company that is central to u.s. national security. in this bill you have a carveout for $18 billion in direct treasury assistance. how are you going to determine who that money goes to? is that just for boeing? >> well, first of all, we are not going to force money on any companies. we are going put up very clear guidelines of what we are willing to do, companies need to come in and request. and if they do, we will be looking at a company specific situation. we will be having financial advisors. we have sophisticated people we are working with and we will take all of those issues into conideration and i will be discussing all of these with the president. >> brennan: but the president said that some of the most brilliant minds in the financial world are going to be working on this. who is it that is going to be weighing in? because the president also said they may make money off of this, american taxpayers want to know who and how. >> well, any of the people who are working with us have already agreed to work at very, very, very reduced rates, making sure that, you know, there is a special situation, so we are not going to be paying big fees to my of these people and we are going to make sure there aren't conflicts in any of the people we hire. and as i said there will be full transparency so the president is right. he asked me -- >> brennan: do you have names? >> i am sorry, go ahead. >> brennan: do you have names for any of those individuals who will be doing this? >> the federal reserve has already announced that they have hired black rock, black rock is one of the largest asset managers in the world. black rock was involved in the financial crisis last time, larry fink has enormous experience, so that is one of them that has been disclosed and as we hire hora people we will fully disclose it. >> brennan: mr. secretary, i appreciate all of what you are doing in that you are saying it is going to take time to see if it is going to be successful or not, but do you need to level with the american people here and tell them, you simply don't know that all of these jobs are going to come back? i mean, the president of the st. louis federal reserve bank said we could see unemployment hit 30 percent in the second quarter of this year. you saw 3 million people file for unemployment this week. >> well, let me clarify. i never said we didn't know if this will be successful or not. i think this is program is going to be enormously successful in stabilizing the u.s. economy while hardworking americans who lost their jobs or aren't able to work because of the medical situation that they get help. so this money is going to go into the economy very quickly. it is going to help american workers very, very quickly and i don't know how long it is going to take to kill this virus. i do know we will kill this virus and when we do, i have great confidence that the u.s. economy will become roaring back. >> brennan: mr. secretary, thank you for your time. >> thank you.
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