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Treasury Secretary Steven Mnuchin is moving $455 billion in unspent stimulus money into a fund that the incoming Biden administration cannot deploy without Congress, Bloomberg reported on Tuesday.
That amount includes money that Mnuchin is yanking from the Federal Reserve and unused loans for companies. The funds will be deposited into the Treasury’s General Fund, which requires legislative approval to use the money elsewhere. The Treasury Department did not immediately respond to a request for comment.
The move, experts say, would likely undercut the ability of Mnuchin’s likely successor Janet Yellen from restarting the Fed’s details ⇒
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