WASHINGTON, April 30 — US Treasury Secretary Steven Mnuchin said yesterday he is ready to invest more capital in new or expanded Federal Reserve coronavirus rescue lending programmes but is not considering more aid to struggling airlines at the moment. Mnuchin told reporters during a video news...
Thursday, 30 Apr 2020 07:21 AM MYT
Mnuchin told reporters during a video news briefing that he was deliberately holding in reserve some US$259 billion from the US$2.2 trillion coronavirus rescue legislation passed in late March. From an original US$454 billion pot of money, the Treasury has allocated some US$195 billion to the Fed's Main Street Lending Programme for mid-size businesses with 500 to 10,000 employees and to a programme supporting support municipal bond markets. The programmes will offer up to US$2.3 billion worth of Fed lending capability.“To the extent the Main Street programme becomes a success it needs more capital, I would absolutely allocate more capital to that.
“I do think we’re clearly moving into areas where there is more risk than there has been in the past,” Powell said. “And that’s okay, I think that’s what we’re supposed to do. This is a very unusual time.”Regarding airlines, Mnuchin said Treasury was not in discussions regarding further aid after the current round of US$25 billion in payroll assistance runs out.
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