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Mnuchin, McConnell Want to Tap Unused Fed Funds for Stimulus (2)

Nov. 20, 2020, 11:29 PM

Treasury Secretary Steven Mnuchin bid to revive stalled stimulus talks with congressional Democrats by proposing the use of untapped Federal Reserve relief funds as part of a new package of aid.

But Mnuchin’s plan to shutter a number of the Fed’s emergency-lending facilities ran into immediate opposition from Democrats. President-elect Joe Biden’s transition team slammed it as “deeply irresponsible,” and House Speaker Nancy Pelosi accused the Treasury secretary of trying to hobble the incoming administration.

Mnuchin and Senate Majority Leader Mitch McConnell discussed the strategy Friday, in the first sign in weeks of possible movement on stimulus in the...

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