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Mnuchin Asks Fed to Return Unused Stimulus Funds to Treasury

Published 11/19/2020, 04:29 PM
Updated 11/19/2020, 04:45 PM
© Bloomberg. Steven Mnuchin Photographer: Drew Angerer/Getty Images North America

© Bloomberg. Steven Mnuchin Photographer: Drew Angerer/Getty Images North America

(Bloomberg) -- Treasury Secretary Steven Mnuchin on Thursday said he had asked the Federal Reserve to return unused coronavirus stimulus money, rejecting the central bank’s request for a 90-day extension for four emergency lending programs.

All emergency programs created by the Cares Act, the stimulus President Donald Trump signed earlier this year, will expire by Dec. 31, Mnuchin said in a statement.

Fed Chairman Jerome Powell had requested an extension of the Commercial Paper Funding Facility, the Money Market Liquidity Facility, Primary Dealer Credit Facility, and the Paycheck Protection Program Liquidity Facility.

©2020 Bloomberg L.P.

© Bloomberg. Steven Mnuchin Photographer: Drew Angerer/Getty Images North America

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