https://www.yahoo.com/news/treasury-secretary-mnuchin-moving-455-220330554.html

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Treasury Secretary Mnuchin is moving $455 billion of unspent stimulus money into a fund the incoming Biden administration can't deploy without Congress

Business Insider

Treasury Secretary Mnuchin is moving $455 billion of unspent stimulus money into a fund the incoming Biden administration can't deploy without Congress

Joseph Zeballos-Roig

Tue, November 24, 2020, 5:03 PM EST·3 min read

Treasury Secretary Steven Mnuchin is moving $455 billion in unspent stimulus money into a fund that the incoming Biden administration cannot deploy without Congress, Bloomberg reported on Tuesday.

It will leave Mnuchin's likely successor, Janet Yellen, with only $80 billion in relief funds at her discretion.

Experts say Mnuchin's move greatly limits the tools available to the Biden administration to manage the economic fallout of the pandemic.

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Treasury Secretary Steven Mnuchin is moving $455 billion in unspent stimulus money into a fund that the incoming Biden administration cannot deploy without Congress, Bloomberg reported on Tuesday.

That amount includes money that Mnuchin is yanking from the Federal Reserve and unused loans for companies. The funds will be deposited into the Treasury's General Fund, which requires legislative approval to use the money elsewhere. The Treasury Department did not immediately respond to a request for comment.

The move, experts say, will likely undercut the ability of Mnuchin's likely successor, Janet Yellen, from restarting the Fed's lending programs at a similar scale early next year. Instead, she will have only $80 billion at her discretion.