Powell: Fed to Return Unspent COVID-19 Relief Funds at Year-End

In a letter to Treasury Secretary Steven Mnuchin late Friday, Federal Reserve Chairman Jerome Powell said his agency would “work out arrangements . . . for returning the unused portions of the funds allocated to the CARES Act facilities in connection with their year-end termination.”

Powell’s letter came after Mnuchin on Thursday asked the Fed to return unused funds in several facilities, including the Main Street Lending Program, the Primary Market Corporate Credit Facility, the Secondary Market Corporate Credit Facility, the Term Asset-Backed Securities Loan Facility and the Municipal Liquidity Facility.

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About Author

Monica C. Meinert

Monica C. Meinert is a senior editor at the ABA Banking Journal and VP for editorial strategy at the American Bankers Association, where she oversees ABA Daily Newsbytes.