Mnuchin Declines to Extend Several Fed Emergency Lending Programs
Trump team to yank emergency economic support, triggering public Fed dissent
The Treasury secretary asked the central bank to return funds supporting emergency lending programs, despite mounting worries about economic damage from the latest surge in coronavirus cases。
Treasury Secretary Steven Mnuchin on Thursday asked the Federal Reserve to return all unused coronavirus relief funds set aside for its emergency lending programs by the end of the year, taking away a lifeline even as a resurgence in Covid cases threatens to upend the budding economic recovery.
Mnuchin said the programs are no longer needed, but the move goes against the Fed’s desire to keep them going, according to a statement from the central bank, in a rare show of public disagreement between the two government agencies.
“The Federal Reserve would prefer that the full suite of emergency facilities established during the coronavirus pandemic continue to serve their important role as a backstop for our still-strained and vulnerable economy,” the Fed said.
The emergency programs, which were set to expire Dec. 31 unless extended, have doled out billions of dollars in loans to keep the economy afloat. Their mere existence helped restore stability to the financial system after panic over the coronavirus earlier this year threatened to shut down key debt markets.
The Fed and Treasury have joint responsibility for designing and authorizing the programs, some of which were created at the behest of Congress in a massive relief package, called the CARES Act, signed by President Donald Trump in March.
In a letter to Fed Chair Jerome Powell, Mnuchin described the lending facilities as successful, saying their joint efforts had boosted the ability of large corporations and state and local governments, as well as consumers, to borrow money at reasonable rates from private markets, without needing to turn to the central bank.
“While portions of the economy are still severely impacted and in need of additional fiscal support, financial conditions have responded and the use of these facilities has been limited,” Mnuchin said.
“I was personally involved in drafting the relevant part of the legislation and believe the Congressional intent … was to have the authority to originate new loans or purchase new assets (either directly or indirectly) expire on December 31, 2020,” the Treasury chief added. “As such, I am requesting that the Federal Reserve return the unused funds to the Treasury.”
A Treasury secretary appointed by President-elect Joe Biden would be able to reauthorize the programs upon taking office, but that wouldn’t be until late January at the earliest. It is unclear whether this move will increase pressure on Congress to provide more economic relief.
At a public event this week, Powell said reports that an effective vaccine might soon be coming were “certainly good news” but warned that “the next few months may be very challenging.”
“The Fed will be strongly committed to using all of our tools to support the economy for as long as it takes until the job is well and truly done,” he said. “When the right time comes — and I don’t think that time is yet or very soon — we’ll put those tools away.”
Mnuchin in his letter nodded to “the unlikely event that it becomes necessary in the future to reestablish any of these facilities,” saying that any Treasury chief would be able to use other rainy day funds under the control of the department or could get additional funding from Congress.
He said the unused money, along with unused Treasury funds allocated for airlines and businesses critical to national security, would allow lawmakers to use $455 billion for other purposes.
The move is in line with calls by Sen. Pat Toomey (R-Pa.), the likely chair of the Banking Committee if the GOP holds the Senate, who said the programs had served their purpose. He expressed worry that if they are extended, they would be seen as a substitute for fiscal policy — the tax and spending decisions that are the responsibility of Congress and the president.
“I applaud Treasury Secretary Steven Mnuchin’s decision to wind down, by year-end, the CARES Act’s temporary, emergency lending facilities, as Congress intended and the law requires,” Toomey said in a statement Thursday. “These facilities, which were established in response to the unprecedented market turmoil caused by the COVID-19 pandemic earlier this year, have successfully achieved their intended purpose.”
But Democrats have urged the opposite, calling on the central bank to make the loan terms more generous as the darkening financial outlook for many companies and municipalities heightens the risk that even more Americans will be put out of work.
“Under its contracts with Treasury, the Fed can and should reject the request to return the $195B in CARES Act funds Treasury has already committed,” tweeted Bharat Ramamurti, a former aide to Sen. Elizabeth Warren (D-Mass.) who now sits on an oversight panel for these emergency programs. “But this indicates Treasury will force the Fed to shut down key programs at year-end, needlessly eliminating market protection.”
“Luckily, whatever the Trump Treasury does, the Biden Administration has the authority to ask the Fed to restart these lending programs next year,” he added. “And there clearly will still be a need for the small business and state and local lending programs two months from now.”
Mnuchin has approved a 90-day extension for a group of Fed facilities that aren’t connected to the CARES Act funds passed in March. Those programs are directed at short-term business lending, general market functioning, and boosting banks that lent under the government-backed Paycheck Protection Program for small businesses.
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指数高位 上层分家
要调整了吧
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来了来了
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印钞厂新订单来了。
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姆努钦拒绝延长几个美联储紧急贷款项目的期限。
特朗普团队将撤销紧急经济支持，引发公众对美联储的异议。
财政部长要求央行返还支持紧急贷款项目的资金，尽管人们对冠状病毒病例最新激增所造成的经济损失越来越担忧。
财政部长史蒂文-姆努钦周四要求美联储在年底前归还所有未使用的冠状病毒救助资金，用于其紧急贷款项目，即使在冠状病毒病例再次出现，有可能颠覆刚刚起步的经济复苏之际，也要拿走一条生命线。
姆努钦表示，这些项目已不再需要，但此举违背了美联储希望它们继续存在的愿望，根据央行的一份声明，这是两个政府机构之间罕见的公开分歧表现。
"美联储更希望在冠状病毒大流行期间建立的全套应急设施能够继续发挥其重要作用，为我们仍然紧张和脆弱的经济提供支持，"美联储说。
除非延期，否则这些应急计划将于12月31日到期，它们已经发放了数十亿美元的贷款来维持经济。在今年早些时候冠状病毒引起的恐慌可能导致主要债市关闭后，它们的存在就帮助恢复了金融系统的稳定。
美联储和财政部共同负责设计和授权这些计划，其中一些计划是在国会的要求下，在唐纳德-特朗普总统3月签署的名为CARES法案的大规模救济方案中创建的。
姆努钦在给美联储主席杰罗姆-鲍威尔的信中称，这些贷款机制是成功的，称他们的共同努力提高了大型企业、州和地方政府以及消费者以合理利率从私人市场借钱的能力，而不需要求助于央行。
"虽然部分经济仍受到严重影响，需要额外的财政支持，但金融条件已经做出了反应，这些设施的使用也受到了限制，"姆努钦说。
"我亲自参与起草了立法的相关部分，并相信国会的意图......是让发起新贷款或购买新资产（直接或间接）的权力在2020年12月31日到期，"财政部长补充道。"因此，我要求美联储将未使用的资金返还给财政部。"
当选总统拜登任命的财政部长在上任后就能重新授权这些项目，但这最早也要到1月底。目前还不清楚此举是否会增加国会的压力，要求国会提供更多的经济救济。
在本周的一次公开活动中，鲍威尔表示，关于有效疫苗可能很快就会出现的报道 "当然是个好消息"，但他警告说，"未来几个月可能会非常具有挑战性"。
"美联储将坚定地致力于使用我们所有的工具来支持经济，只要它需要，直到这项工作得到很好的和真正的完成，"他说。"当合适的时机到来时--我认为这个时机还没有到来，也不会很快到来--我们会把这些工具收起来。"
姆努钦在信中点明了 "未来有必要重新建立任何这些设施的可能性不大"，他说，任何财政部长都可以使用该部门控制的其他未雨绸缪的资金，或者可以从国会获得额外资金。
他说，这些未使用的资金，以及分配给对国家安全至关重要的航空公司和企业的未使用的财政部资金，将允许立法者将4,550亿美元用于其他用途。
此举与参议员帕特-图米(Pat Toomey)的呼吁是一致的，如果共和党把持参议院，他很可能是银行委员会主席，他说这些项目已经达到了目的。他表示担心，如果延长这些计划，它们将被视为财政政策的替代品--税收和支出决定是国会和总统的责任。
"我赞赏财政部长史蒂文-姆努钦决定按照国会的意图和法律的要求，在年底前结束CARES法案的临时、紧急贷款机制，"图米周四在一份声明中说。"这些设施是为了应对今年早些时候COVID-19大流行造成的前所未有的市场动荡而设立的，已经成功实现了预期目的。"
但民主党人却敦促反其道而行之，呼吁央行使贷款条件更加宽松，因为许多公司和市政当局的财务前景暗淡，加剧了更多美国人失业的风险。
"根据与财政部签订的合同，美联储可以也应该拒绝归还财政部已经承诺的1950亿美元CARES法案资金的要求，"前助手Bharat Ramamurti在推特上说。
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咱们配合一个新闻版吧
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特朗普这是打算在剩下的两个月里把钱统统花光啊
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是的。
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分家了
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请问用的什么软件自动翻译的呀？哪儿能能搞到？谢谢！
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懂王使着劲折腾吧
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请问这是什么翻译软件
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DeepL
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DeepL 免费翻译网站
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感觉比谷歌翻译的好
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好很多
谷歌已经堕落
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