Mnuchin wants $455B in unused COVID-19 emergency funds returned by Fed

Treasury Secretary Steven Mnuchin requested the Federal Reserve return almost half a trillion dollars in unused funds and eliminate five emergency COVID-19 relief facilities established under the CARES Act.

He asked that excess funds established by the act be given back so Congress could “re-appropriate” them.

“I am requesting that the Federal Reserve return the unused funds to the Treasury,” Mnuchin wrote in a letter sent to Fed Chairman Jerome Powell on Thursday. “This will allow Congress to re-appropriate $455 billion, consisting of $429 billion in excess Treasury funds for the Federal Reserve facilities and $26 billion in unused Treasury direct loan funds.”

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