Mnuchin Letter to Powell on Facilities

November 19, 2020

Source: Department of the Treasury

In the attached letter to the Federal Reserve, Treasury Secretary Steven Mnuchin declined to extend programs established under the CARES Act, including the Main Street Lending Program. Mnuchin also asks Chairman Jerome Powell for the return $455 billion in unused funds to the Treasury. The programs are set to expire on December 31, 2020.  In response to the letter, the Fed expressed disagreement and said it prefers that the programs “continue to serve their important role as a backstop for our still-drained and vulnerable economy.

Please click here to view the letter.