Clyburn Urges Reversal of Mnuchin’s Shutdown of Emergency Fed Lending Programs

Nov 19, 2020
Press Release
Treasury Department request to shutter emergency lending programs would undermine economic recovery as the pandemic rages

Washington, D.C. (November 19, 2020)  – Rep. James E. Clyburn, Chairman of the Select Subcommittee on the Coronavirus Crisis, issued the following statement after the Treasury Department requested that the Federal Reserve prematurely close key pandemic emergency lending facilities and return funds to the Treasury, contrary to the Federal Reserve’s view that the facilities should be extended:

 

“As the coronavirus continues to spread unchecked across the country, there is absolutely no justification for outgoing Treasury Secretary Mnuchin’s decision to prematurely stop key Federal Reserve emergency lending programs.  These programs are part of a comprehensive set of tools Congress gave the Federal Reserve to combat the pandemic-related economic crisis, and ending them in the midst of the crisis would undermine the economic recovery.  I agree with the Federal Reserve that these emergency facilities should continue, and I call on Secretary Mnuchin to immediately rescind this request.  The Select Subcommittee looks forward to working with the Federal Reserve and the Treasury Department—under both Secretary Mnuchin and his successor—to improve the functioning of these critical programs to help American workers and families.”

 

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116th Congress