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Fed Returns Money to Treasury for Terminated Emergency Programs

The Federal Reserve has returned about $42 billion to the U.S. Treasury, and will soon transfer another $20 billion in excess funds connected to emergency lending facilities that stopped offering new loans last month, the central bank said Thursday in documents posted on its website.

The transfers will fulfill the promise made by Fed Chair Jerome Powell on Nov. 20 to comply with Treasury Secretary Steven Mnuchin’s controversial demand that the programs be terminated.