PanamaTimes

Sunday, Oct 25, 2026

Mnuchin plans to move $455B in coronavirus relief out of Biden's reach

Mnuchin plans to move $455B in coronavirus relief out of Biden's reach

Treasury Secretary Steven Mnuchin is expected to move $455 billion in unspent coronavirus stimulus money into a fund that the incoming Biden administration cannot deploy without congressional approval.

Treasury Secretary Steven Mnuchin is expected to move $455 billion in unspent coronavirus stimulus money into a fund that the incoming Biden administration cannot deploy without congressional approval, Bloomberg reported.

The CARES Act funding will be placed in the agency's General Fund, a Treasury Department spokesperson told Bloomberg. If Mnuchin's successor — Biden is widely expected to pick former Federal Reserve Chair Janet Yellen to fill the role — wants to access that money, she will need to receive Congress' blessing.

The Treasury Department did not respond to a FOX Business request for comment.

Last week, Mnuchin said he would not extend several emergency loan programs set up with the Federal Reserve, prompting a rare criticism from the U.S. central bank. While the lending facilities have been little used so far, they were viewed as a vital backstop for the pandemic-ravaged economy.

The money is part of the $500 billion Treasury Department fund created at the end of March by the CARES Act. The Treasury Fund set aside $46 billion for loans and loan guarantees to the airline industry, and the remainder was designated to support Fed lending programs to businesses, states and municipalities.

Shifting the money to the General Fund leaves just under $80 billion available in the Treasury’s Exchange Stabilization Fund.

Democrats quickly condemned the move, with Bharat Ramamurti, a former adviser to Sen. Elizabeth Warren, who now serves as a member of the congressional commission charged with overseeing the funds, calling it "illegal."

"This is Treasury’s latest ham-handed effort to undermine the Biden administration," he tweeted Tuesday. "The good news is that it’s illegal and can be reversed next year. For its part, the Fed should not go along with this attempted sabotage and should retain the CARES Act funds it already has."

A Treasury spokesperson, however, rejected that analysis and said Mnuchin's decision was legal under the CARES Act, which provided the original funding.

Republicans on the Senate Banking Committee applauded Mnuchin, saying that he was following both the law and Congress' intent.

"These facilities were to be temporary, to provide liquidity, and to cease operations no later than the end of 2020,” GOP lawmakers said in an open letter led by Committee Chairman Sen. Mike Crapo and Sen. Pat Toomey. "With liquidity restored, we strongly support Treasury Secretary Mnuchin’s decision to close these facilities by year-end, as Congress intended and the law requires, and the Federal Reserve’s decision to return unused CARES Act funds to Treasury.”

The lawmakers said Congress could "revive" the facilities if needed. But for months, Congress has remained deadlocked over additional coronavirus relief measures, even as provisions in the CARES Act expired.

Newsletter

Related Articles

PanamaTimes
0:00
0:00
Close
Advertising trick: Pepsi’s Harrier Jet Commercial Led to a $700,000 Court Fight
Why 2027 Could Be a Strong Year for Stocks—and Why the Forecast Is Fragile
Trump’s Top General Seeks an Exit Strategy From Iran War, Report Says
Brock Lesnar Retires From Wrestling, Closing a Career of Rare Athletic Range and Lasting Controversy
Trump-Era Policy Shifts Test the Boundaries of U.S. Institutions
Weight-Loss Drug Boom Tests the Limits of Prescription Advertising Rules
Breaking With the Past: One of the World’s Smallest Countries Changes Its Name
AI Is Remaking the US Economy, From GDP Growth to iPhone Prices
Cuba’s Grid Fails Again as Fuel Crisis Deepens
Nazca Lines Flight Crash Kills Thirteen as Peru Suspends Aerodiana
OpenAI Faces Demands for Full Disclosure After Models Breach Hugging Face
FIFA’s Private-Investment Plan for World Cup Rights Draws European Revolt
Why Americans Queue for $15 Ice Cream and a $100 Caviar Pint
OpenAI Sued After ChatGPT Allegedly Discouraged Emergency Care Before Near-Fatal Embolism
Miliband Sets Climate and International Law at Centre of UK Diplomacy
Trump Readies New Tariffs as Temporary Global Levy Nears Expiry
Morgan Stanley Builds a Wall Street Lead in AI Infrastructure Finance
High Prices Push Coffee Drinkers Toward Whole Beans and Home Brewing
Spain Defeats Argentina in Extra Time to Win Second World Cup
Venezuela’s Earthquake Devastation Turns U.S. Investment Opportunity Into a Thirty-Seven Billion Dollar Reconstruction Challenge
Ukrainian Drones Strike Wildberries Warehouses Deep Inside Russia
The Ledger Will Not Trust on Faith
Trump Administration Pressures Banks to Restrict Financial Access for Undocumented Immigrants
The Ten World Cup Finals That Defined Football History
Smartphones Are Getting More Expensive, Sales Are Collapsing, and Even Apple Admits: "Prices Will Rise"
The AI Race Enters Its Infrastructure Era
Colombia Influencer Dies After Cosmetic Procedure at Unlicensed Bogota Salon
A Quiet Bastille Day: France Grapples with World Cup Heartbreak and Leftover Fireworks
Spain in Ecstasy: "We Feel Unbeatable, We Taught the Whole World a Lesson"
On the Island That Did Not Yield to Trump, There Is No Electricity, and 10 Million Live in Darkness
World Cup Visitors Turn American Big-Box Stores Into Souvenir Stops
Anthropic Reengineers Agentic Architecture to Shift Autonomous Workplace Automation to the Cloud
Global Crisis Alert: Escalating Middle East Tensions and UK Political Upheaval
Japanese Technology Firm Fujitsu Launches Advanced Artificial Intelligence Tool for Corporate Disclosures
South Africa Officially Launches Nationwide Campaign for Highly Contested Local Government Elections
United Kingdom Commits Additional Funding for Unexploded Ordnance Clearance in Laos
Singapore Announces Stringent New Greenhouse Gas Regulations for Commercial Cooling Systems
Cambodia and Thailand Hold High-Level Border Security Talks at United Nations Headquarters
Myanmar Military Government and China Sign Major Agreement to Upgrade Media and Cultural Cooperation
Knife Attack at Swiss Train Station Leaves Three Injured in Suspected Act of Domestic Terrorism
Transnational Extortion Gang Threatens Canadian Police With Army of One Thousand Armed Operatives
Australia Imposes Forty-Two-Day Quarantine on Cruise Ship Passengers Following Deadly Hantavirus Outbreak
International Monetary Fund Unlocks Seven Hundred Million United States Dollars for Sri Lanka Following Economic Reforms
Australia Launches Record One Point Four Billion Dollar Lawsuit Against Chemical Giant 3M Over Contamination
China and Canada Foreign Ministers Meet in Ottawa in Effort to Stabilize Strained Diplomatic Ties
Indonesia Demands Urgent United Nations Security Council Reform Amid Escalating Global Conflicts
Extreme Weather Patterns Trigger Severe Drought in Madagascar and Destructive Flooding in East Africa
Indian State of Karnataka Faces Political Upheaval as Chief Minister Siddaramaiah Abruptly Resigns
Philippines and Japan Reaffirm Defense Ties as Crucial for Indo-Pacific Regional Stability
Norway Joins French Nuclear Deterrence Initiative in Major Shift for European Security Architecture
×