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Mnuchin Says Would Like Unused Fed Facility Money Reallocated To Better Uses

  • Mnuchin says he would like to see unused Fed facility money reallocated to better uses.
  • "I unfortunately think there's not more we can do" with the $454 billion in Treasury funds available to backstop Fed loan losses, Mnuchin said.
  • Mnuchin said "we do expect to take loses" on the Main Street Lending Program and told lawmakers he is open to lowering the limit on loans from the Fed's Main St lending facilities to $100,000.
  • Fed Chair Jerome Powell said, however, that despite lowering minimum loan amounts it would not see much more demand. It would have to be a different kind of facility, he sad. There's "very little" demand for loans under $1 million.
MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com
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MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com
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