US Treasury Secretary Steven Mnuchin asked the US Federal Reserve (Fed) to return $ 455 billion of funds that were not used under the loan programs implemented against the economic effects of the new type of coronavirus (Covid-19) epidemic.
US Treasury Secretary Steven Mnuchin sent a letter to Fed Chairman Jerome Powell regarding the loan programs implemented to mitigate the economic effects of the Kovid-19 outbreak.
Mnuchin requested a 90-day extension for 4 of the Fed’s urgent loan programs, and the 5 programs had to end on 31 December as previously set.
Mnuchin said in the letter, “I request the Fed to return unused funds to the treasury.”
Mnuchin stated that with the return of the funds in question, the Congress could allocate $ 455 billion and that the Fed could make a request from the Treasury Department if the loan programs were required again.