November 19, 2020

US Treasury declines to extend Fed emergency lending tools

Washington (AFP) – US Treasury Secretary Steven Mnuchin on Thursday said he had declined to extend emergency lending facilities established with the Federal Reserve aimed at countering the coronavirus downturn.  The decision, which prompted a protest from the central bank, means the facilities aimed at the inner workings of the US financial system will expire at the end of the year.”I was personally involved in drafting the relevant part of the legislation and believe the Congressional intent as outlined in Section 4029 was to have the authority to originate new loans or purchase new assets (e…


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