Nick Timiraos
NickTimiraos
The Federal Reserve's authority to establish emergency-lending programs has emerged as a late sticking point in negotiations on the latest Covid relief packagehttps://www.wsj.com/articles/covid-aid-talks-go-down-to-the-wire-11608306476
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Democrats accused Treasury Secretary Steven Mnuchin of incorrectly citing the Cares Act to justify the termination of Fed lending programsMnuchin had advanced several reasons for pulling the plug on the
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By asking the Fed to return unused Treasury capital, Mnuchin is effectively preventing the Biden administration from being able to use or revamp central bank loan backstops that were made
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