Mnuchin complicates Yellen's Job

Mnuchin complicates Yellen's Job Mnuchin complicates Yellen’s job. US Treasury Secretary Mnuchin is transferring remaining $ 455 billion from the coronavirus support program to another account in order to make it difficult to be accessed by the Fed's former President Yellen. US Treasury Secretary Steven Mnuchin will transfer the remaining $ 455 billion in the Coronavirus Support and Economic Security Act (CARES) fund into an account that will need Congressional approval before use. According to the statement made by the Ministry of Treasury on Tuesday, the said amount will be transferred to the general fund of the Ministry. The remaining amount of money spent mostly to support the Fed's emergency lending facilities will be prevented from using by Yellen for the same purpose without the consent of Congress. Mnuchin's aforementioned attitude causes Democrats' backlash. "The good news is that this is illegal and can be reversed next year," said Bharat Ramamuti, appointed by Congress, who oversees the Fed and Treasury's coronavirus support funds. Treasury spokesman stated that Mnuchin's step is legal under the CARES incentive law, which provides funding. US elected President Joe Biden has decided on Yellen as the US Treasury Department candidate. Biden's transition team noted last week that Mnuchin's request from the Fed was "severely irresponsible". But Mnuchin refused to accept Biden's attempt to restrict its options to stimulate the economy. The general fund of the Ministry of Treasury can only be used subject to the approval of the Congress, according to the information on the Ministry website. With this step, less than $ 80 billion will remain at the discretion of the Treasury Minister.