Economics
Mnuchin Defends Work With Fed as Democrats Fault Funds Shift
- Fed urged Mnuchin not to end Cares Act emergency facilities
- Mnuchin says he has ‘excellent relationship’ with Fed’s Powell
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Treasury Secretary Steven Mnuchin said he has maintained close coordination with Federal Reserve Chair Jerome Powell throughout the economic downturn sparked by the pandemic, saying the central bank was aware in advance that he would bring an end to emergency facilities.
“Powell and I speak multiple times a week. We would both characterize that we have an excellent relationship,” Mnuchin said in an interview Wednesday. Treasury and the Fed have been “incredibly coordinated on the execution of the Cares Act facilities,” he said, referring to the federal stimulus law.