FED Will Return Unused Coronavirus Funds

FED Will Return Unused Coronavirus Funds The FED will return unused coronavirus funds. The FED will return the funds to the US treasury. According to the news in AA, the US Federal Reserve (FED) will return unused Covid-19 funds at the request of the US Treasury Department. According to the report, US Federal Reserve (FED) President Jerome Powell responded to the letter of US Treasury Secretary Steven Mnuchin about the credit programs implemented to compensate the economic negativities of the coronavirus epidemic. Upon Mnuchin's request to return the FED's unused covid funds to the treasury, FED Chairman Powell replied that they would comply with this request. Powell noted in his response that necessary actions will be taken to return unused funds. In his letter dated 19 November, Treasury Secretary Steven Mnuchin asked for a 90-day extension for 4 of the emergency loan programs and the completion of 5 programs on 31 December as previously determined. Minister Mnuchin, in the letter in question said, "I demand the Fed to return the unused funds to the treasury." Stating that the Congress could allocate 455 billion dollars with the return of the aforementioned funds, Minister Mnuchin stated that the FED could apply to the Treasury Department if the loan programs are needed again.