Treasury Secretary Steven Mnuchin removes $455 billion allocated for COVID-19 relief from the Federal Reserve, making it more difficult for the incoming Biden administration to help Americans during the pandemic.
The funds being returned to the Treasury are what remain from the CARES Act that was approved by Congress and signed into law in March. Without those funds, Biden may not be able to provide relief to families and businesses without another law passed by Congress. That would take time and probably won’t happen — Republican Senators have applauded Mnuchin’s decision.
Mnuchin also shut down five emergency COVID relief facilities that are funded by the CARES Act.
The law was set to expire on December 31 but could have been extended.
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