Thursday, 26/11/2020 15:05 (GMT + 7)
U.S. Treasury Secretary Steven Manuchin has announced that he will transfer $ 455 billion from Cavid-19 relief money to another fund that needs congressional approval to pay. The move is seen as a step in the right direction for Vice President Joe Biden.
US. It. President Donald Trump (left) and Treasury Secretary Steven Mnuchin.
According to the hill, Mr Mutin has begun moving to close down emergency loans for Cowid-19 relief. The amount of 455 billion USD that is not used is considered as a driving force to increase confidence in the US. It. Market.
This is part of a $ 500 billion allocation under the CARES Act. This is a $ 2.2 trillion to help American businesses and workers affected by the Cowid-19 pandemic. Mr. Trump passed the act in March.
Mr Mnuchin has asked to withdraw the unused 455 billion dollars cash on the grounds that the CARES Act is only valid until the end of the year. The amount will be transferred to the General Fund and requires confirmation from the National Assembly before the payment can be withdrawn.
The move is seen as a step to make it difficult for former chairman of the US. It. Federal Reserve (FED), Janet Yellen, who was selected by Mr. Biden as a candidate for the seat of finance minister next year.
Bharat Ramamurti, a former adviser to Senator Elizabeth Warren, a member of the parliamentary oversight committee, considered the move illegal. “This is a dangerous step by the Ministry of Finance to damage the Biden administration.”
Conversely, U.S. senators have supported Mutin’s actions, saying the Treasury Secretary follows the rules.
“The problem is very clear, the above law is only temporary, effective until the end of 2020,” Republican senators said. “If it is necessary to continue using the bailout, the National Assembly may approve it.”
The US. It. Treasury Department and Elected President Joe Biden team have yet to comment.
President-elect Joe Biden’s team says there are no rules requiring Mr Biden to speak to the President …