U.S. Treasury Secretary Steven Mnuchin said on Wednesday he is ready to invest more capital in new or expanded Federal Reserve coronavirus rescue lending programs but is not considering more aid to struggling airlines at the moment.
FILE PHOTO: U.S. Treasury Secretary Steven Mnuchin answers questions during the daily coronavirus task force briefing at the White House in Washington, U.S., April 21, 2020. REUTERS/Jonathan Ernst
“I didn’t want to allocate all the money up front,” Mnuchin said on a Zoom chat. “I wanted to leave some money in reserve to see how each one of these programs did, to see if the programs needed more money and to see if we needed to do more programs.” Later Wednesday, Fed Chair Jerome Powell described the unspent Treasury funds’ role as standing in front of the Fed’s losses.
“So, what I would say is if we look at this, we think there are certain scenarios where we’ll get our money back, there are certain scenarios where we’ll lose all of our money and there are certain scenarios where we’ll make money,” he said.
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