Former Treasury Sec. Jack Lew stated Thursday the coronavirus pandemic doesn't seem like the monetary disaster and that the federal authorities ought to concentrate on the well being disaster and wages for staff earlier than addressing points with main firms. 

"It's incumbent on coverage makers to have a look at fiscal instruments very rigorously and to focus on them the place the necessity is best," Lew stated on "Closing Bell." "I have been involved by proposals which have enormous quantities of cash go to companies in an un-targeted method ... I feel we have to wait and see the place the actual want is."

Lew, who ran the Treasury from 2013 to 2017 underneath President Barack Obama, stated that the company tax lower created by the present administration ought to have put most massive companies in a powerful money place to face up to an financial slowdown.

As an alternative, Lew stated, the federal authorities ought to concentrate on serving to the well being care system and native governments battle the virus whereas supporting lower-income households. He additionally talked about probably...