Mnuchin to Put $455 Billion in Funds Out of Yellen's Easy Reach

[sabra]

Source: Bloomberg

Treasury Secretary Steven Mnuchin will put $455 billion in unspent Cares Act funding into an account that his presumed successor, former Federal Reserve Chair Janet Yellen, will need authorization from Congress to use.

Mnuchin plans to place the money into the agency’s General Fund, a Treasury Department spokesperson said Tuesday. That fund can only be tapped with “authority based on congressionally issued legislation,” according to the Treasury’s website.

The money includes $429 billion that Mnuchin is clawing back from the Federal Reserve -- which backed some of the central bank’s emergency lending facilities -- and $26 billion that Treasury received for direct loans to companies. Both initiatives were created under the sweeping Cares Act that was passed earlier this year as the coronavirus pandemic inflicted economic pain on the U.S.

The move will leave Yellen -- selected by president-elect Joe Biden as his nominee for Treasury secretary -- with just under $80 billion available in the Treasury’s Exchange Stabilization Fund, a pot of money that can be used with some discretion by the Treasury chief.

Read more: https://www.bloomberg.com/news/articles/2020-11-24/mnuchin-to-put-455-billion-in-funds-out-of-yellen-s-easy-reach?sref=KhY5gfAd

[NRaleighLiberal]

1. well, he's nice...

[Sherman A1]

3. Yup,

I am sure that there are really no surprises and the Biden Team is more than gamed out every possible scenario that these republicans are trying to pull off.

[Faux pas]

2. Rat

EFFING us all the way out the door. I want them all to PAY.

[Iliyah]

4. I'm pretty sure Ms. Yellen will know how to deal with this . .

[SheltieLover]

5. He belongs in prison

[justhanginon]

15. He belongs under the prison!!!

[SheltieLover]

16. Of course!

I just didn't want to say it. His crappy wife, too.

[RKP5637]

6. Republicans now remind me of sci-fi movies where creatures live underground in subterranean

tunnels and are ugly as hell and stupid, but vengeful and dangerous.

[Me.]

7. What An SOB

I hope that somehow he loses every dime he has

[soothsayer]

9. Yes. Effing Russian asset

[orangecrush]

11. THIS

[soothsayer]

13. And he has some affiliation with Epstein's rapist buddy with the "modeling agency"

He’s listed as the business contact, but says he doesn’t recall anything about it.

https://www.businessinsider.com/treasury-sec-mnuchin-listed-as-contact-epstein-friend-firm-2019-9

[Me.]

25. Nailed It

There will be a reckoning...what went up will come down

[JohnnyRingo]

42. I really believe they're dividing up Ft Knox.

They'll say Biden can't be trusted with the nation's gold reserve.

[Frustratedlady]

8. I hope the treasury is looked into carefully to see what they actually did while the Orange Marvel

was running the show. Also, who got the big loans/grants during the pandemic stimulus bill.

I'd even be in favor of hiring additional auditors if we don't already have them onboard.

[CrispyQ]

12. We will discover grifting on a MASSIVE scale. -nt

[Evolve Dammit]

31. and Putin influence

[MyOwnPeace]

38. Hell, how many

auditor generals did he fire? THAT alone should have sent up giant red flares!!!!!

Let's bring 'em back and find out what they knew that cost them their jobs..............

[pecosbob]

10. Oh, but I'm forgetting, you don't have a mountain, and you're not a king,

which makes you nobody, really.

[Bengus81]

14. Gopers already ramping up as the party for "fiscal responsibility" once again??

Seems they pull this stunt over and over years after shoveling massive tax cuts to their rich buddies and Corporate donors.

[onecaliberal]

18. They need to be ridiculed by the press and the moral authority in this country every minute daily.

[Warpy]

17. My guess is that the money isn't there.

Mnuchin is a crook, just like the rest of them.

I think Yellen will fight this one off fairly easily. Mnuchin probably thinks the fight will be delayed long enough for him to make a clean getaway.

[iluvtennis]

35. + agree. a crook just like the rest of the swamp creatures in trump's admin. ugggh. nt

[JohnnyRingo]

43. Wouldn't shock me.

If there's a way, they'll do it.

[C_U_L8R]

19. Why? Really Mnunchbutt, Why?

Does it make you feel like a big man to be such a jerk? What a petty inconsequential thing to do. It says more about your incompetence and meanspiritedness than anything. You and your family are the only ones that have to live with your stupid unremarkable legacy. Meh.

[bluestarone]

20. These type of fuckers just LOVE POWER!

More reasons to HATE them

[geretogo]

21. This is how they do it in other Banana Republics . No surprise .

[not fooled]

22. They want Biden to "fail"

Dem leadership better get the word out about what these MFers are up to, so that the 'Murican people understand why everything that could help the average person gets stymied, especially if traitor mitch continues as Senate leader.

[relayerbob]

23. Well, technically, $400 billion has already been spent on Trump getaways and hotel expenses

So it's not as bad as it seems

[rickyhall]

24. Republican motherfuckers just love to fuck The People.

They really hate democracy. They should be deported to Antarctica naked.

[Guy Whitey Corngood]

26. If I ever ran into that goat fucker, sans bodyguards, I'd love to

clock him so hard, it'll make his mouth straight.

[greenjar_01]

27. Amazing how they can do anything they want regardless of Congress

(i.e., take military funds for the wall), while we need Mitch McConnell to sign off on basic shit.

I say Biden defunds every military base in Kentucky for anything we need until the approve, ta da. Thanks for the precedent, assholes.

[Bayard]

29. Don't throw the baby out with the bath water

I always cringe when someone proposes punishing my state because we have an asshole senator. Many, many of us did not vote for him, and there are a number of DU Kentuckians.

The planes that flew out of Ft. Campbell are the ones that carried the Seals who killed Bin Laden.

[Botany]

28. Is it wrong to want Mnuchin to be sodomized by trained ponies?

N/T

[Evolve Dammit]

32. Hmmm. Can I get back to you on that? I'm leaning no, but I'm open to consider...

[DBoon]

45. Maybe

though consider attacked by rabid weasels as an alternative

[DFW]

30. And that was only his second choice

His first choice was to put it in a super-PAC for the two Republican Senators from Georgia. Only the length of the prison sentence made him change his mind.

[Evolve Dammit]

33. First choice was to have a pallet of money air-dropped to undisclosed island somewhere in S. Pacific

[2Legit]

34. Janet Yellen is brilliant. This ingrate thinks that he is somehow her equal.

This just confirms to me that being rich has NOTHING to do with being smart. Had The Mnuche been smart, he never would have accepted a job that he wasn't even remotely qualified for.

[George II]

36. If they all support Biden, there should be no trouble in the House getting that money back.

[58Sunliner]

37. Nasty little shit.

[pecosbob]

39. Probably not an obstacle for someone whose job is making imaginary money

[TeamPooka]

40. Another Putin Puppet

[DallasNE]

41. How Does That Work

Because Congress has already authorized that money. If Mnuchin can can move it around why can't Yellen just reverse the process?

[TomDaisy]

44. this is just like GOP legislatures stripping all power from duly-elected Dem governors

like they did in Wisconsin and North Carolina

they. play. dirty.