[ad_1]
Thursday, 11/26/2020 15:05 PM (GMT + 7)
US Treasury Secretary Steven Mnuchin announced that he would transfer $ 455 billion of Covid-19 aid money to another fund that requires congressional approval for disbursement. The move is seen as hampering President-elect Joe Biden’s administration.
US President Donald Trump (left) and Treasury Secretary Steven Mnuchin.
According to The Hill, Mr. Mnuchin began moving to close emergency loans for Covid-19 relief. The amount of USD 455 billion that has not been used is seen as an engine to boost confidence in the US market.
This is part of a $ 500 billion appropriation under the CARES Act. It is a $ 2.2 trillion spending package to help American businesses and workers affected by the Covid-19 pandemic. Trump passed the law in March.
Mr. Mnuchin asked to withdraw the $ 455 billion of unused money on the grounds that the CARES Act is only valid until the end of this year. This amount will be transferred to the General Fund and requires confirmation from the National Assembly before disbursement can continue.
This move is seen as a step to make things difficult for the former chairman of the United States Federal Reserve (FED), Janet Yellen, who was selected by Biden as a candidate for the post of finance minister next year.
Bharat Ramamurti, a former adviser to Senator Elizabeth Warren, a member of the parliamentary oversight committee, considers this move to be “illegal”. “This is a dangerous move by the Finance Ministry to damage the Biden administration.”
On the contrary, US senators supported Mnuchin’s actions, saying that the Secretary of the Treasury was following the rules.
“The problem is very clear, the previous law is only temporary, valid until the end of 2020,” said Senators of the Republican. “If you need to keep using the aid money, Congress can pass it.”
The U.S. Department of the Treasury and President-elect Joe Biden’s team have yet to comment.
Source: http: //danviet.vn/chinh-quyen-ong-trump-tung-don-khoa-chat-455-ti-usd-gay-kho-de-cho-phe-ong-bid …
President-elect Joe Biden’s team says there are no rules that require Mr. Biden to speak to the president …
