Wednesday, March 29, 2023

Mnuchin will put clawed-back Fed funds out of Yellen’s reach: Bloomberg By Reuters


© Reuters. FILE PHOTO: Senate’s Committee on Banking, Housing, and Urban Affairs hearing

WASHINGTON (Reuters) – Treasury Secretary Steven Mnuchin will put the over-$400 billion in CARES ACT funding he took back from the Federal Reserve last week into an account that needs Congressional approval to be tapped, Bloomberg reported on Tuesday

Moving the money into Treasury’s “General Fund” will leave Mnuchin’s expected successor, Janet Yellen, dependent on legislation in Congress to use the funds. The money includes $429 billion that was to back the Fed’s emergency lending facilities and $29 billion in Treasury funds earmarked for business loans.

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