Treasury Secretary Steven Mnuchin was accused Friday of taking "exactly the wrong policy move right now" and sabotaging the economy for the incoming Biden administration after announcing an end-of-year cutoff to several key coronavirus relief lending programs at the Federal Reserve.
CNBC's reporting quoted one financial expert who likened the move by Mnuchin to stripping a ship of its lifeboats when they're most needed. The outlet explained:
Mnuchin announced Thursday that he will not extend the Federal Reserve's emergency lending programs that used Congress' CARES Act funds beyond Dec. 31. The move is expected to drastically reduce the central bank's ability to shore up the financial system.
"It's hard to find an economic rationale for it," Carl Weinberg, chief economist at High Fr…
Source: Common Dreams – Breaking News & Views for the Progressive Community
Read full article: 'Monstrous Behavior': Mnuchin Slammed for Biden 'Snub' That Could Sabotage US Economic Recovery
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