London Daily

Focus on the big picture.
Monday, Feb 23, 2026

Mnuchin plans to move $455B in coronavirus relief out of Biden's reach

Mnuchin plans to move $455B in coronavirus relief out of Biden's reach

Treasury Secretary Steven Mnuchin is expected to move $455 billion in unspent coronavirus stimulus money into a fund that the incoming Biden administration cannot deploy without congressional approval.

Treasury Secretary Steven Mnuchin is expected to move $455 billion in unspent coronavirus stimulus money into a fund that the incoming Biden administration cannot deploy without congressional approval, Bloomberg reported.

The CARES Act funding will be placed in the agency's General Fund, a Treasury Department spokesperson told Bloomberg. If Mnuchin's successor — Biden is widely expected to pick former Federal Reserve Chair Janet Yellen to fill the role — wants to access that money, she will need to receive Congress' blessing.

The Treasury Department did not respond to a FOX Business request for comment.

Last week, Mnuchin said he would not extend several emergency loan programs set up with the Federal Reserve, prompting a rare criticism from the U.S. central bank. While the lending facilities have been little used so far, they were viewed as a vital backstop for the pandemic-ravaged economy.

The money is part of the $500 billion Treasury Department fund created at the end of March by the CARES Act. The Treasury Fund set aside $46 billion for loans and loan guarantees to the airline industry, and the remainder was designated to support Fed lending programs to businesses, states and municipalities.

Shifting the money to the General Fund leaves just under $80 billion available in the Treasury’s Exchange Stabilization Fund.

Democrats quickly condemned the move, with Bharat Ramamurti, a former adviser to Sen. Elizabeth Warren, who now serves as a member of the congressional commission charged with overseeing the funds, calling it "illegal."

"This is Treasury’s latest ham-handed effort to undermine the Biden administration," he tweeted Tuesday. "The good news is that it’s illegal and can be reversed next year. For its part, the Fed should not go along with this attempted sabotage and should retain the CARES Act funds it already has."

A Treasury spokesperson, however, rejected that analysis and said Mnuchin's decision was legal under the CARES Act, which provided the original funding.

Republicans on the Senate Banking Committee applauded Mnuchin, saying that he was following both the law and Congress' intent.

"These facilities were to be temporary, to provide liquidity, and to cease operations no later than the end of 2020,” GOP lawmakers said in an open letter led by Committee Chairman Sen. Mike Crapo and Sen. Pat Toomey. "With liquidity restored, we strongly support Treasury Secretary Mnuchin’s decision to close these facilities by year-end, as Congress intended and the law requires, and the Federal Reserve’s decision to return unused CARES Act funds to Treasury.”

The lawmakers said Congress could "revive" the facilities if needed. But for months, Congress has remained deadlocked over additional coronavirus relief measures, even as provisions in the CARES Act expired.

Newsletter

Related Articles

0:00
0:00
Close
UK Police Officers Guarded 2010 Epstein Dinner Attended by Prince Andrew, Reports Say
US Trade Representative Affirms Commitment to Existing Tariff Agreements with UK and Other Partners
Kouri Richie's wrote a children’s book to help her sons grieve the death of their father. Now she’ll stand trial for his murder
New York Braces for Major Snowstorm With Up to 18 Inches Forecast and Blizzard Warnings Issued
Mexican Military Kills CJNG Leader Nemesio Oseguera Cervantes as Violence Erupts Across Jalisco
Metropolitan Police Deploys Palantir-Powered AI to Flag Potential Officer Misconduct
UK Parliament Rebukes Police Over Ban on Israeli Football Fans
Britain Emerges Among a Small Group of Nations Without a Religious Majority
UK’s Manufacturing Base at Risk as Soaring Energy Costs Weigh on Industry
Matt Goodwin’s Unconventional Campaign for Reform UK in the Gorton and Denton By-Election
US Military Movements in the UK Spark Speculation Over Preparations Related to Iran Tensions
UK Faces Significant Economic Risk From Trump’s New Global Tariff Regime
UK Defence Secretary Signals Intent to Deploy British Troops to Ukraine
UK Students Mark Lunar New Year as Universities Adjust to New Equality Compliance Rules
UK Government Weighs Removing Prince Andrew from Line of Succession After Arrest
Prince Andrew’s Arrest in UK Rekindles Scrutiny Over US Handling of Epstein Records
Trump’s Strategic Warning to UK Over Chagos Islands Deal Sparks Diplomatic Whiplash
Starmer Government Postpones Local Elections Affecting 4.5 Million Voters
UK Economy Remains Fragile Despite Recent Upturn in Headline Indicators
UK Businesses Face Fresh Uncertainty Following US Tariff Ruling
Reform UK’s Senior Figures Face Scrutiny Over Remarks on Women and Family Policy
UK Electric Vehicle Drive Threatened by Shortage of 44,000 Qualified Technicians
University of Kentucky Trustees Advance Academic Reforms and Approve Coliseum Plaza Purchase
Boris Johnson Calls for Immediate Deployment of UK Troops to Support Ukraine
OpenAI CEO Sam Altman praises the rapid progress of Chinese tech companies.
North Korea's capital experiences a significant construction boom with the development of a new city district dubbed 'Pyonghattan'.
New electric vehicle charging service eliminates waiting times
Vox Populi confronts Justin Trudeau at Davos over vaccination policies
Poland's President Karol Nawrocki ENDS support for Ukrainian citizens:
The mayor of Rotherham in Britain
One day after ex-Prince Andrew's arrest, British police are searching his former home, while U.K. lawmakers will consider introducing legislation to remove him from the line of royal succession
Vandana Shiva reminding the world that Bill Gates did not invent anything.
Italy's PM Giorgia Meloni highlights record employment and economic growth
UK Confirms Preferential U.S. Trading Terms Will Continue After Supreme Court Tariff Ruling
U.S. and U.K. to Hold Talks on Diego Garcia as Iran Objects to Potential Military Use
UK Officials Weigh Possible Changes to Prince Andrew’s Position in Line of Succession Amid Ongoing Scrutiny
British Police Probe Epstein’s UK Airport Links and Expand High-Profile Inquiries
The Impact of U.S. Sanctions on Cuba's Humanitarian Crisis: A Tightening Noose
Trump Directs Government to Release UFO and Alien Information
Trump Signs Global 10% Tariffs on Imports
United Kingdom Denies U.S. Access to Military Base for Potential Iran Strike
British Co-founder of ASOS falls to his death from Pattaya apartment
Early 2026 Data Suggests Tentative Recovery for UK Businesses and Households
UK Introduces Digital-First Passport Rules for Dual Citizens in Border Control Overhaul
Unable to Access Live Financial Data for January UK Surplus Report
UK Government Considers Law to Remove Prince Andrew from Royal Line of Succession
UK ‘Working Closely with US’ to Assess Impact of Supreme Court Tariff Ruling
Trump Criticises UK Decision to Restrict Use of Bases in Potential Iran Strike Scenario
UK Foreign Secretary and U.S. State Chief Hold Strategic Talks as Tensions Rise Over Joint Air Base
Two teens arrested in France for alleged terror plot.
×