(FOX BUSINESS) – Treasury Secretary Steven Mnuchin is expected to move $455 billion in unspent coronavirus stimulus money into a fund that the incoming Biden administration cannot deploy without congressional approval, Bloomberg reported.
The CARES Act funding will be placed in the agency’s General Fund, a Treasury Department spokesperson told Bloomberg. If Mnuchin’s successor – Biden is widely expected to pick former Federal Reserve Chair Janet Yellen to fill the role – wants to access that money, she will need to receive Congress’ blessing.
Last week, Mnuchin said he would not extend several emergency loan programs set up with the Federal Reserve, prompting a rare criticism from the U.S. central bank. While the lending facilities have been little used so far, they were viewed as a vital backstop for the pandemic-ravaged economy.