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Watchdog Members Urge Probe on Mnuchin’s Shift of Pandemic Funds

  • Democrats question Mnuchin’s call to end central bank programs
  • Money put in fund that requires re-appropriation by Congress

Members of a congressional watchdog panel have asked for an investigation into why Treasury Secretary Steven Mnuchin ended U.S. Federal Reserve emergency lending programs, according to a letter obtained by Bloomberg News.

The move represents the latest standoff between Republicans and Democrats over the use of almost half a trillion dollars in Covid-19 aid. Mnuchin said the Cares Act required him to terminate some central bank emergency lending facilities to prop up small businesses, non-profits and state and local government during the pandemic.