Mnuchin rejects renewal of some Fed emergency loan programs


Treasury Secretary Steve Mnuchin has sought the return of unused funds from the feds emergency landing facilities, but the central bank pushed back, They said the program served a vital role pollution and a little too. Fed chair Jerome Powell sort a 90 Day extension for just four of the central bank's emergency landing programs. Also said the Fed should return $455 billion to the Treasury so Congress can spend the money elsewhere. Bloomberg's Chris Condon says that doesn't make sense. This money was never scored against the U. S by the Congressional Budget Office because it is always expected that this money will revert back to the Treasury. In fact, to the budget, it's not money to be spent out its support lending. The fits of the emergency facility should continue to serve their important role as a backstop for the economy. All emergency programs created by the cares act will expire at the end of the year.

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