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Fed and US Treasury in public dispute over emergency aid

Steven Mnuchin requests Fed unused stimulus funds

US Treasury secretary Steven Mnuchin has chosen not to extend some emergency lending facilities

The Federal Reserve has taken the extraordinary step of publicly dissenting from a request by the US Treasury Secretary to end its emergency programmes.

Steven Mnuchin, Treasury secretary in the administration of president Donald Trump, sent a letter to the Fed’s chair Jerome Powell on November 19 in which he rejected the US central bank’s proposal to extend five emergency programmes activated in response to the Covid-19 pandemic. Mnuchin also requested the reimbursement of $455 billion in

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