Thread by @Monaheart1229

Mnuchin has been terrifyingly quiet since 11/3
He has not been participating in what few Covid talks there've been
Turns out, he's cancelling several Fed'l emergency lending programs
Further SCREWING our already struggling pandemic economy:
wsj.com/articles/mnuch…

2-"Treasury Secretary Steven Mnuchin said he would allow several emergency Federal Reserve lending programs to expire, opening a divide with the central bank, which had pressed for an extension.

3-"As a result, on Dec. 31 several novel Fed programs that have backed corporate credit and municipal-borrowing markets and that have provided loans to small and midsize businesses and nonprofits during the coronavirus pandemic will end.

4-"In a letter to Fed Chairman Jerome Powell released to the public after markets closed Thursday, Mr. Mnuchin said the programs ‘have clearly achieved their objectives.’

5-"Credit markets, which nearly froze in March as the pandemic triggered a financial shock, have been rehabilitated, Mr. Mnuchin said. ‘Banks have the lending capacity to meet the borrowing needs of their corporate, municipal and nonprofit clients,’ he said.

6-"The central bank signaled disappointment in his decision. ‘The Federal Reserve would prefer that the full suite of emergency facilities established during the coronavirus pandemic continue to serve their important role as a backstop for our still-strained and

7-"vulnerable economy,’ the Fed said.
Mr. Powell had indicated in remarks Tuesday that he didn’t think it would be appropriate to allow the programs to expire. ‘When the right time comes, & I don’t think that time is yet or very soon, we will put those tools away,’ he said.”