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Pandemic Watchdog Is Probing Mnuchin, Cruz Roles in Fed Lending

  • Watchdog seeks answers on Mnuchin decision to end Fed programs
  • Cruz pushed to expand lending programs to help oil companies
Steven Mnuchin

Steven Mnuchin

Photographer: Toni L. Sandys/The Washington Post/Bloomberg

A federal watchdog is looking into former Treasury Secretary Steven Mnuchin’s decision to roll back the U.S. Federal Reserve’s emergency lending programs at the end of 2020, an issue that has become a point of partisan tension in Congress.

The Special Inspector General for Pandemic Recovery is also inquiring into Texas Republican Senator Ted Cruz’s role in persuading the central bank to expand the eligibility rules for the Main Street Lending Program to make it easier for oil and gas companies to apply for the low interest rate loans.