Mnuchin defends move to end Fed lending programs

Treasury Secretary Steven Mnuchin has raised the ire of the Federal Reserve by pulling the plug on several lending programs rolled out due to the COVID-19 pandemic. Mnuchin sent a letter to Fed Chairman Jerome Powell on Thursday asking the central bank to return unused funds that were earmarked for the pandemic-related lending programs.Q3 2020 hedge fund letters, conferences and moreMnuchin pulls the plug on Fed lending programsThe $455 billion in unused funding is set to expire Dec. 31. Mnuchin is pulling the plug on the Fed lending programs early and said in the letter that Congress will the…

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