Donald Trump intends to plant bombs throughout the federal government set to go off and make president-elect Joe Biden’s job much more difficult. Each of POTUS’ cabinet members has apparently been tasked with finding the spot in his or her area where a bomb would do the most damage.
POTUS did not give the Federal Reserve chair job to Janet Yellen, because she was too short, he said. Well, Yellen may be short of stature, but she is long in intelligence, skill, and integrity. We will not be seeing her taking random trips to Ft. Knox or smothering herself in printed money, as Secretary of the Treasury did with his Scottish actress wife.
When Mnuchin and Louise Linton received some criticism over this, she posted this on her Instagram page. The Business Insider reported:
‘Aw!!! Did you think this was a personal trip?! Adorable! Do you think the US govt paid for our honeymoon or personal travel?! Lololol. Have you given more to the economy than me and my husband? Either as an individual earner in taxes OR in self sacrifice (sic)to your country?’
Mnuchin recently decided to redirect funds out of the Treasury so that Biden’s choice for Secretary of Treasury, Yellen, will not be able to access it, according to The Bloomberg News.
Mnuchin redirected $455 billion in unspent Cares Act funds, although why it was not spent given the need remains an open question. The place he moved it, the General Funds, takes Congress’ approval to touch. He moved the billions into an account that his presumed successor, former Federal Reserve Chair Janet Yellen, will need authorization from Congress to use.
The $429 billion was from the Federal Reserve, which was behind a portion of the central bank’s emergency lending funds. A full $26 billion was for direct loans to companies. These two initiatives fell under the Cares Act, which passed this year in response to the SARS COVID-19 pandemic and the ensuing economic depression.
Yellen will be the first woman to head the Treasury. She will inherit right at $80 billion in the Treasury’s Exchange Stabilization Fund, money that the Secretary of the Treasury can use at will.
Last week, he sent the Fed Chair Jarome Powell a letter asking for him to return the money the Federal Reserve had as protection the central bank and used to give markets in a time of crisis. The Federal Reserve objected, but did give back the money.
Mnuchin claimed that “many markets are no longer in danger of seizing up.” He used that as his excuse for moving the funds over to grants released only upon the approval of Congress:
‘For companies that are impacted by Covid — such as travel, entertainment and restaurants — they don’t need more debt, they need more PPP money, they need more grants.’
Mnuchin did not have to direct the monies to the General Fund:
‘[T]he Cares Act states that the Treasury Department can maintain access to the money by keeping it in its Exchange Stabilization Fund until 2026.’
If Yellen is confirmed as Treasury secretary, she will have no access to these billions of dollars. Instead, she would have to beg Congress for the funds. Biden’s transition team said that Mnuchin’s hail Mary bomb was “deeply irresponsible.”
Spokesperson Kate Bedingfield said:
‘Biden will work with leaders across government to ensure Main Street businesses and state and local governments have the support and access to credit they need to weather this storm.’
The Mueller Report Adventures: In Bite-Sizes on this Facebook page. These quick, two-minute reads interpret the report in normal English for busy people. Mueller Bite-Sizes uncovers what is essentially a compelling spy mystery. Interestingly enough, Mueller Bite-Sizes can be read in any order.