The Treasury Secretary came to defend his decision to take away billions in relief funds from the American people. It didn’t go well for him.
BY BESS LEVIN
Referring to Mnuchin’s decision to make the Federal Reserve, against its will, return hundreds of billions of dollars that were designated for emergency COVID-19 lending programs, and place them in the Treasury’s general fund where his successor cannot tap them without congressional approval, Porter told the secretary: “I’m reading aloud now from Section 4027 of the Cares Act. ‘On or after January 1, 2026, any funds that are remaining shall be transferred to the general fund.’ In other words, sent back to the Treasury. Secretary Mnuchin, is it currently the year 2026, yes or no?”
BESS LEVIN @ Vanity Fair
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