Economy will improve 'as we confront this virus' says Trump's treasury secretary

Treasury Secretary Steven Mnuchin is interviewed on "This Week."
9:41 | 03/15/20

Coming up in the next {{countdown}} {{countdownlbl}}

Coming up next:



Skip to this video now

Now Playing:


Related Extras
Related Videos
Video Transcript
Transcript for Economy will improve 'as we confront this virus' says Trump's treasury secretary
at 818 teaneck road will be closed to the public effective tomorrow. Hours of operation for both facilities will now be Monday through Thursday between the hours of 8:00 A.M. And 4:00 P.M. I am encouraging our residents and customers to use the online services and forms to conduct business. Staff will be available during operating hours to provide customer service by telephone and e-mail. The township has created an E- mail address that will allow residents to submit their questions and concerns about covid-19 and the increase can be sent. All questions will be answered by a member from our health department as quickly as possible. I also anticipate creating a covid-19 hotline number that will allow residents to call by phone with their questions and concerns. That number will be released later this week. There are many moving parts to this virus, and information continues to change daily. While there is still much to learn about covid-19, residents should remain calm and vigilant in their personal efforts to reduce the spread of covid-19 and monitor the township's website for updated information. Teaneck is a wonderful community. Our residents remain strong and resilient. With continued leadership from our counsel, staff, and command in our county executive and other elected officials to we will get through this crisis together . As a reminder, the New Jersey department of health has established a 24 hour telephone hotline for residents who may have concerns or questions. That number is 800-to do do- 1222. At this time our executive order 2020-01 which outlines the purpose and associated restrictions which will remain in place until such time as it is determined by me that the emergency no longer exists. Just bear with me one second. I'm not going to read all of the emergency declaration, but I will start by saying that where as in consultation with and at the recommendation of township of teaneck emergency management coordinator Larry Robinson and the health operator, the above are incorporated herein. A health emergency hereby exists within the township of teaneck regarding the coronavirus, covid-19. All necessary township departments are authorized to take appropriate action to assist in containing, preparing for, responding to, and recovering from the covid-19 outbreak. All township departments immediately shall develop and implement any and all infectious disease guidelines and protocols and use all personal protective equipment and in conjunction with the virus. All township employees shall follow all local, county, state, and federal health recommendations in addition to CDC recommendations, including but not limited to handwashing, sanitizing, and basic infection control procedures. This is an immediate -- there is an immediate ban on all township business related travel to any states that have covid-19 cases. Similar travel restrictions are strongly recommended for all local travel as well. Township residents and seniors, particularly those with underlying health conditions, are strongly encouraged to avoid large crowds and gatherings while covid-19 remains a threat . To combat covid-19 in the township, we shall be permitted whenever necessary to procure the necessary goods or services, which are not available under contracts, currently in existence with the township. Without complying with the new Jersey public contracts law, including but not limited to the following. To award emergency contracts, including but not limited to emergency contracts or leases for relocation in support of township operations for professional services, for purchase of some audit commodities, services, to purchase food, supplies, services, and equipment. To procure any supplies or equipment required to ensure adequate sanitation, cleaning or sterilization of any facility or location. The township health officer shall implement any emergency regulations or amendments to any sanitary health code taunted -- the township should be in coordination with the county health officer to collaborate on containment and mitigation measures in order to ensure accurate and comprehensive contact tracing to effectively combat the spread of covid-19. Coordinate, communicate, and collaborate with all local health officials to take the necessary steps to prevent the spread of the virus. All reasonable measures to protect the health and safety of such vulnerable at risk populations, including safe treatment, transfer, and discharge practices and to comply with the emergency medical treatment and active labor act. The township health officer and all township departments shall work collaboratively to determine and execute effective strategies, initiatives, protocols, and procedures -- Thank you for staying with us. You've been watching a live news conference from hackensack, New Jersey. The message, we have to depend on one another. Town officials are all in agreement with what has been going on in Bergen county. We have to depend on one another and stay away from each other. Essentially, shutting down the activity in teaneck, urging everyone to stay inside. A voluntary quarantine for some 40000 residents. The town manager officially declaring an emergency in the county and setting up precautions and protocols he would like the residence to follow, also admitting that people can go to work and that sort of thing, but if you can, stay inside. This is not a time for alarm, but these actions will help save lives. We are trying to protect the most vulnerable. We return you to this week I the airline industries, this is an unprecedented situation. There's lot of workers, hotel and other travel industries. The president is going to use all the tools in our toolbox and we'll work with congress on a bipartisan basis and this bill was very important to get workers money in their pockets, people who have to be home being quarantined. 20 conversations in Nancy Pelosi in a day and that may be a record certainly for a member of the trump administration, but the next step will be assistance for these industries that are most directly affected -- travel, hotel, restaurants, small businesses? Absolutely. By the way, people have been commenting on 20 it may have been 80, we were constantly in touch, updating the bill and making changes. Yes, our focus is especially small and medium-size businesses that are really hit hard. So the president has been, again, blasting Jay Powell, the fed chairman, calling him things like, his actions pathetic, slow moving, putting us at decided economic disadvantage, so the federal reserve pumped $1.5 trillion into the financial system. Interest rates are at historic lows, biggest rate cut he announced before the financial crisis, what more should Jay Powell be doing? Well, I think as you know as matter of policy I speak to Jay Powell almost every single day it would be inappropriate for me to make comments on specific policies. I can assure you, he and I are in discussions every day. They have certain tools, I have certain tools. Certain tools were taken away. I'll go back to congress and ask for and again, we're fully coordinated. Do you share the assessment of the president, pathetic, slow moving? Again, as you know I'm not going to make comments on that it will be inappropriate as treasury secretary. I understand. The president also suggested again on Friday that he could fire Powell if he wanted to, put him in another position of the fed, is that right? That's not the reading that most people have of the law. Let me clear -- I'm treasury secretary, I'm not the general counsel. I'm not aware of what advice the president has been given. Again, what I want to focus on is, there's an economic situation and the American public should know that the president, the vice president, the entire cabinet is going to be focused on what economic things we need to do. We have tools, tools we don't have. We'll work together in a bipartisan way to make sure we protect businesses and individuals that are impacted. And let me just comment, you know, in South Korea, 200,000 people who had flulike symptoms were tested, 96% of them did not have the coronavirus. So, the actions that the medical professionals have recommended and the president has implemented hopefully will make a dramatic difference in the spread of this. All right, treasury secretary Steve mnuchin, thank you for

This transcript has been automatically generated and may not be 100% accurate.

{"duration":"9:41","description":"Treasury Secretary Steven Mnuchin is interviewed on \"This Week.\"","mediaType":"default","section":"ABCNews/ThisWeek","id":"69603232","title":"Economy will improve 'as we confront this virus' says Trump's treasury secretary","url":"/ThisWeek/video/economy-improve-confront-virus-trumps-treasury-secretary-69603232"}