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Trump administration cuts off emergency Federal Reserve programs as coronavirus cases spike

November 20, 2020. Summarized by summa-bot.

WASHINGTON, DC - SEPTEMBER 24: Steven T. Mnuchin, Secretary, Department of the Treasury during the Senate's Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress on September 24, 2020 in Washington, DC. The Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, is a $2.2 trillion economic stimulus bill passed in response to the economic fallout of the COVID-19 pandemic in the United States. (Photo by Toni L. Sandys-Pool/Getty Images)

US Treasury Secretary Steven Mnuchin is pulling the plug on funding for emergency Federal Reserve programs intended to help businesses as the coronavirus pandemic continues to rage in the United States.

New York (CNN Business)US Treasury Secretary Steven Mnuchin is pulling the plug on funding for emergency Federal Reserve programs intended to help businesses as the coronavirus pandemic continues to rage in the United States.

The decision also puts the Treasury Department squarely at odds with the Fed. The central bank, a typically apolitical institution, swiftly responded to Mnuchin's letter in a statement saying that it "would prefer that the full suite of emergency facilities established during the coronavirus pandemic continue to serve their important role as a backstop for our still-strained and vulnerable economy. "

Mnuchin wrote in his letter that in the "unlikely event" that the programs need to be re-established in the future, the Fed can request approval from the Treasury secretary again.

Bradley said the Chamber urges "these programs be extended for the foreseeable future and call[s] on Congress to pass additional pandemic relief targeted at the American businesses, workers and industries that continue to suffer. "

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