FILE PHOTO: Steven T. Mnuchin, Secretary, Department of the Treasury, during the Senate's Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress, in Washington, DC, U.S., September 24, 2020.
Toni L. Sandys/Pool via REUTERS/File PhotoWASHINGTON (Reuters) - U.S. Treasury Secretary Steven Mnuchin wrote in a letter to Senate Banking Committee Republicans on Friday that he hopes they will continue to show trust in the Treasury and Federal Reserve to manage coronavirus relief programs.
Mnuchin came under fire from President-elect Joe Biden’s transition team and Democrats in Congress over his decision to allow some Federal Reserve coronavirus lending programs to expire.
“As a result of Congress’s swift legislative action and Treasury’s and the Federal Reserve’s work to implement these programs, we have been successful in restoring confidence in financial conditions,” Mnuchin said in the letter to Banking Committee Republicans.
The two teams would “share information and facilitate an effective transition,” the spokesperson said.
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