US Treasury Secretary Stephen Mnuchin faced harsh criticism from senators due to the decision to end the concessional business lending program, writes CNBC.
Mnuchini was accused of trying to destroy the economy. “You seem to be trying to sabotage our economy. There is no legal excuse for that,” an Ohio Senator told the Treasury Secretary Sherrod Brown . Mnuchin replied that he did not have such powers that would allow extending support measures until the end of the year. “My actions are not economic in nature,” he said. However, senators believe that the end of aid would be detrimental to businesses and American workers.
Mnuchin previously recommended to return unused $ 455 billion, which should have been On December 31, send it to concessional lending. This spring FRS launched a $ 2.3 trillion business aid program.
About 600 billion were allocated to support medium-sized businesses. Up to $ 850 billion for loans to large businesses, another $ 500 billion for the purchase of municipal bonds.