Olde Hornet
Well-Known Member
agent orange is sabotaging the Biden administration. The kool aid drinkers dont see, he ONLY CARES ABOUT HIMSELF! He will destroy the economy if it keeps the kool aid drinkers in line.
Trump administration overrules Jerome Powell and cuts off Fed emergency lending programs
https://www.cnn.com/2020/11/19/business/steven-mnuchin-federal-reserve-cares-act/index.html
US Treasury Secretary Steven Mnuchin has pulled the plug on emergency Federal Reserve lending programs, drawing a rare rebuke from the central bank, which said they are needed to support the economy as the coronavirus pandemic continues to rage.
In a letter sent Thursday to Fed Chairman Jerome Powell, Mnuchin asked the central bank to return some $455 billion in unused funding for programs set to expire December 31. He added that Congress would then be able to use the money for other purposes.
The decision would force several programs to end that were intended to help businesses that have been struggling as the pandemic wreaks havoc on the US economy. The money was set aside in March as part of the CARES Act, a $2 trillion stimulus package meant to prop up the ailing economy by providing financial assistance and loans for distressed companies, among other measures.
The Fed programs "have clearly achieved their objective," Mnuchin wrote. "Markets responded positively, spreads tightened, and banks continued lending."
Trump administration overrules Jerome Powell and cuts off Fed emergency lending programs
https://www.cnn.com/2020/11/19/business/steven-mnuchin-federal-reserve-cares-act/index.html
US Treasury Secretary Steven Mnuchin has pulled the plug on emergency Federal Reserve lending programs, drawing a rare rebuke from the central bank, which said they are needed to support the economy as the coronavirus pandemic continues to rage.
In a letter sent Thursday to Fed Chairman Jerome Powell, Mnuchin asked the central bank to return some $455 billion in unused funding for programs set to expire December 31. He added that Congress would then be able to use the money for other purposes.
The decision would force several programs to end that were intended to help businesses that have been struggling as the pandemic wreaks havoc on the US economy. The money was set aside in March as part of the CARES Act, a $2 trillion stimulus package meant to prop up the ailing economy by providing financial assistance and loans for distressed companies, among other measures.
The Fed programs "have clearly achieved their objective," Mnuchin wrote. "Markets responded positively, spreads tightened, and banks continued lending."