U.S. House of Representatives Committee on Ways and Means

11/20/2020 | Press release | Distributed by Public on 11/20/2020 09:39

Neal Statement on Treasury’s Request for the Fed to Return Unused Emergency COVID Funds

Nov 20, 2020
Press Release

WASHINGTON, DC - Today, Ways and Means Committee Chairman Richard E. Neal (D-MA) released the following statement after Treasury Secretary Steven Mnuchin asked the Federal Reserve to return unused funds intended to support COVID-related emergency lending programs:

'The COVID recession is not over. Millions of workers remain without jobs, and the futures of businesses across the country continue to hang in the balance. Ending emergency programs specifically intended to support the economy through this crisis is irresponsible and misguided. Treasury's request for the Fed to return these funds is consistent with the Trump Administration's alarming refusal to coordinate with the Biden-Harris Transition Team and further impedes the next White House's ability to take immediate steps to defeat the virus and get the economy back on track. The Federal Reserve has stated its preference not to end these emergency efforts, and I trust that Chair Powell will act in the best interest of our nation.'

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