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Mnuchin Says Congress Must Redirect $455 Billion, Not Biden

  • Treasury secretary demanded Fed return emergency lending funds
  • Move would make relief money unavailable to Biden team
Steven Mnuchin

Steven Mnuchin

Photographer: Susan Walsh/AP
Updated on

Treasury Secretary Steven Mnuchin on Tuesday contended that he was required by law to move $455 billion in unspent emergency pandemic relief money into an account that would lock it away from President-elect Joe Biden’s administration.

“It is my intent to completely follow the law, and the law requires the amounts transferred,” Mnuchin said during a Senate Banking Committee hearing in Washington.