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 https://www.bloomberg.com/news/articles/2020-11-24/mnuchin-to-put-455-billion-in-funds-out-of-yellen-s-easy-reach?sref=KhY5gfAd.
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.
(Reporting by Heather Timmons; Editing by Chris Reese)
