Mnuchin to Put $455 Billion in Funds Out of Yellen's Easy Reach
Source: Bloomberg
Treasury Secretary Steven Mnuchin will put $455 billion in unspent Cares Act funding into an account that his presumed successor, former Federal Reserve Chair Janet Yellen, will need authorization from Congress to use.
Mnuchin plans to place the money into the agencys General Fund, a Treasury Department spokesperson said Tuesday. That fund can only be tapped with authority based on congressionally issued legislation, according to the Treasurys website.
The money includes $429 billion that Mnuchin is clawing back from the Federal Reserve -- which backed some of the central banks emergency lending facilities -- and $26 billion that Treasury received for direct loans to companies. Both initiatives were created under the sweeping Cares Act that was passed earlier this year as the coronavirus pandemic inflicted economic pain on the U.S.
The move will leave Yellen -- selected by president-elect Joe Biden as his nominee for Treasury secretary -- with just under $80 billion available in the Treasurys Exchange Stabilization Fund, a pot of money that can be used with some discretion by the Treasury chief.
Read more: https://www.bloomberg.com/news/articles/2020-11-24/mnuchin-to-put-455-billion-in-funds-out-of-yellen-s-easy-reach?sref=KhY5gfAd
NRaleighLiberal
(60,014 posts)Sherman A1
(38,958 posts)I am sure that there are really no surprises and the Biden Team is more than gamed out every possible scenario that these republicans are trying to pull off.
EFFING us all the way out the door. I want them all to PAY.
Iliyah
(25,111 posts)SheltieLover
(57,073 posts)justhanginon
(3,290 posts)SheltieLover
(57,073 posts)I just didn't want to say it. His crappy wife, too.
RKP5637
(67,104 posts)tunnels and are ugly as hell and stupid, but vengeful and dangerous.
Me.
(35,454 posts)I hope that somehow he loses every dime he has
soothsayer
(38,601 posts)orangecrush
(19,543 posts)soothsayer
(38,601 posts)Hes listed as the business contact, but says he doesnt recall anything about it.
https://www.businessinsider.com/treasury-sec-mnuchin-listed-as-contact-epstein-friend-firm-2019-9
There will be a reckoning...what went up will come down
JohnnyRingo
(18,628 posts)They'll say Biden can't be trusted with the nation's gold reserve.
Frustratedlady
(16,254 posts)was running the show. Also, who got the big loans/grants during the pandemic stimulus bill.
I'd even be in favor of hiring additional auditors if we don't already have them onboard.
CrispyQ
(36,460 posts)Evolve Dammit
(16,725 posts)MyOwnPeace
(16,925 posts)auditor generals did he fire? THAT alone should have sent up giant red flares!!!!!
Let's bring 'em back and find out what they knew that cost them their jobs..............
pecosbob
(7,537 posts)which makes you nobody, really.
Bengus81
(6,931 posts)Seems they pull this stunt over and over years after shoveling massive tax cuts to their rich buddies and Corporate donors.
onecaliberal
(32,829 posts)Warpy
(111,249 posts)Mnuchin is a crook, just like the rest of them.
I think Yellen will fight this one off fairly easily. Mnuchin probably thinks the fight will be delayed long enough for him to make a clean getaway.
iluvtennis
(19,851 posts)JohnnyRingo
(18,628 posts)If there's a way, they'll do it.
C_U_L8R
(44,999 posts)Does it make you feel like a big man to be such a jerk? What a petty inconsequential thing to do. It says more about your incompetence and meanspiritedness than anything. You and your family are the only ones that have to live with your stupid unremarkable legacy. Meh.
bluestarone
(16,914 posts)More reasons to HATE them
geretogo
(1,281 posts)not fooled
(5,801 posts)Dem leadership better get the word out about what these MFers are up to, so that the 'Murican people understand why everything that could help the average person gets stymied, especially if traitor mitch continues as Senate leader.
relayerbob
(6,544 posts)So it's not as bad as it seems
rickyhall
(4,889 posts)They really hate democracy. They should be deported to Antarctica naked.
Guy Whitey Corngood
(26,500 posts)clock him so hard, it'll make his mouth straight.
greenjar_01
(6,477 posts)(i.e., take military funds for the wall), while we need Mitch McConnell to sign off on basic shit.
I say Biden defunds every military base in Kentucky for anything we need until the approve, ta da. Thanks for the precedent, assholes.
Bayard
(22,062 posts)I always cringe when someone proposes punishing my state because we have an asshole senator. Many, many of us did not vote for him, and there are a number of DU Kentuckians.
The planes that flew out of Ft. Campbell are the ones that carried the Seals who killed Bin Laden.
Botany
(70,501 posts)N/T
Evolve Dammit
(16,725 posts)though consider attacked by rabid weasels as an alternative
DFW
(54,359 posts)His first choice was to put it in a super-PAC for the two Republican Senators from Georgia. Only the length of the prison sentence made him change his mind.
Evolve Dammit
(16,725 posts)2Legit
(90 posts)This just confirms to me that being rich has NOTHING to do with being smart. Had The Mnuche been smart, he never would have accepted a job that he wasn't even remotely qualified for.
George II
(67,782 posts)58Sunliner
(4,384 posts)pecosbob
(7,537 posts)TeamPooka
(24,221 posts)DallasNE
(7,402 posts)Because Congress has already authorized that money. If Mnuchin can can move it around why can't Yellen just reverse the process?
TomDaisy
(1,870 posts)like they did in Wisconsin and North Carolina
they. play. dirty.