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Mnuchin pulls plug on some pandemic lending programs that Fed considers essential

Added 11-20-20 12:04:02am EST - “Key pandemic lending programs at the Federal Reserve would expire on Dec. 31” - Foxbusiness.com

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Posted By TheNewsCommenter: From Foxbusiness.com: “Mnuchin pulls plug on some pandemic lending programs that Fed considers essential”. Below is an excerpt from the article.

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U.S. Treasury Secretary Steven Mnuchin said on Thursday that key pandemic lending programs at the Federal Reserve would expire on Dec. 31, putting the outgoing Trump administration at odds with the central bank and potentially adding stress to the economy as President-elect Joe Biden organizes his administration.

In a letter to Fed Chair Jerome Powell, Mnuchin said the $455 billion allocated to Treasury under the CARES Act last spring, much of it set aside to support Fed lending to businesses, nonprofits and local governments, should be instead available for Congress to reallocate.

The decision comes as data shows the early fast recovery from a historic plunge in the economy is fading, with more than 10 million who had jobs in January still out of work

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