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Free AccessMNI POLICY: US Treasury Opposes Extending Some Fed Facilities
Treasury Secretary Steven Mnuchin on Thursday in a letter to Federal Reserve Chair Jay Powell declined to extend some CARES Act lending facilities beyond Dec. 31, requesting the associated unused funds be returned to the government.
The Primary Market Corporate Credit Facility, Secondary Market Corporate Credit Facility, Municipal Liquidity Facility, Main Street Lending Program, and the Term Asset-Backed Securities Loan Facility have "achieved their objective," the Treasury Secretary wrote. "As such, I am requesting that the Federal Reserve return the unused funds to the Treasury" that "will allow Congress to re-appropriate $455 billion, consisting of $429 billion in excess Treasury funds."
Mnuchin said it would be "unlikely" such facilities would need to be re-established, but recommended the Fed reach out to the Biden administration if necessary. Mnuchin did request a 90-day extension on other facilities, including the Commercial Paper Funding Facility, the Primary Dealer Credit Facility, the Money Market Liquidity Facility and the Paycheck Protection Program Liquidity Facility that are currently set to be terminated Dec. 31.
The Fed in a statement said it "would prefer that the full suite of emergency facilities established during the coronavirus pandemic continue to serve their important role as a backstop for our still-strained and vulnerable economy."
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.