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Treas Sec Mnuchin: Plenty Of Firepower Left
Treas Sec Mnuchin on CNBC addresses the non-extension of Fed/Treasury 13-3 lending programs under the CARES Act beyond the end-year expiration date:
- Says re the controversy over the past 24 hours and the Fed's opposition to the decision - it's "straightforward and people are missing the issue": "Congressional intent is that it expires on Dec 31 this year". Says he and Powell have discussed for the past few weeks.
- He notes there is only $25B of loans outstanding, and to the extent that more is required, there is $750B of firepower so the gov't still has plenty of lending capacity.
- Mnuchin says they'll work with Congress to re-appropriate the unused funds for proceeds such as PPP loans.
- Regarding Chicago Fed's Evans' comments earlier in CNBC, Mnuchin says he "would go ask [Evans] to read the law, or speak to the Chair of the Committee [Powell]". If all else is equal, the Fed would always like to keep its tools outstanding. "We don't need to buy more corporate bonds, the municipal market is working..."
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