The Untold Story of Mnuchin’s Demand for the Fed to Shut Down Emergency Lending Programs

by Pam Martens and Russ Martens
Wall Street on Parade

Fourteen days before U.S. Treasury Secretary Steve Mnuchin released a letter to Federal Reserve Chair Jerome Powell, demanding the return of taxpayers’ money and the end to specific Fed emergency programs by the end of the year, four Senate Democrats had written to Mnuchin and Powell asking them to extend those very same emergency programs.

The Senate Democrats who authored the letter were Senators Sherrod Brown of Ohio, Elizabeth Warren of Massachusetts, Mark Warner of Virginia and Chuck Schumer of New York. The letter explained that “As of September, 3.8 million workers suffered permanent job losses, with 2.4 million considered long-term unemployed. Moreover, according to an analysis from Moody’s, without more federal support, another 3 million teachers, nurses, emergency responders, firefighters, and others from around the country will lose their jobs in the next two years.”

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