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Mnuchin Denies Trying to Hinder Incoming Administration

Associated Press

   WASHINGTON - Treasury Secretary Steven Mnuchin denied Friday that by
   ending several emergency loan programs being run by the Federal
   Reserve, he was trying to limit the choices President-elect Joe Biden
   will have to promote an economic recovery.

   Mnuchin said his decision was based on the fact the programs were not
   being heavily utilized. He said Congress could make better use of the
   money by reallocating it to support grants to small businesses and
   extended unemployment assistance.

   "We're not trying to hinder anything," Mnuchin said in a CNBC
   interview. "We don't need this money to buy corporate bonds. We need
   this money to go help small businesses that are still closed."

   However, critics saw politics at play in Mnuchin's decision, saying the
   action would deprive the incoming administration of critical support
   the Fed might need to prop up the economy as coronavirus infections
   spike nationwide.

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