Mnuchin & Toomey are trying to perpetuate an absurd interpretation of the CARES Act solely on the basis of "trust me, I helped negotiate this bill", never mind the pesky statutory text. There are two sides to every negotiation...
Good to see Senate & House members push back
Both Mnuchin & Toomey knew that the Treasury Secretary continues to retain authority to modify, restructure or otherwise amend its equity investments in Fed lending facilities/programs even after Jan 1, 2021. That's why bills were put forth after CARES to curb that authority....
@SenatorMenendez was the first to call out this ridiculous attempt to rewrite the law. Section 4027(c)(2) clearly says "ON January 1, 2026" not "By January 1, 2026" or "No later than January 1, 2026"
Thanks to @SenCortezMasto for scrutinizing Secretary Mnuchin's very dubious claims about where his legal discretion ends. Also got Mnuchin to admit that he is doing this solely b/c of his flimsy legal interpretation, and not b/c he thinks it's good policy:
@SenatorSinema clarifying that there is no choice to be made here between grants and making credit available to small and mid-size businesses. The answer is both. Mnuchin is propagating a false choice and incorrectly cloaking his decision in proceduralism:
Today we got an even steadier drumbeat of pressure on Couldn't be clearer than what @RepMaxineWaters put forth in her opening statement. Republican legislative attempts to end the Fed facilities reveal their own knowledge of what Section 4027 says:
Thank you to @RepCindyAxne for her concise and effective inquiry. Mnuchin has done a 180 from his letter on the policy justification for ending the facilities. Now he is trying to hide solely behind the law...but it doesn't square w/ 4027 & 4029.
If you're looking for a more humorous exchange, check out this clip from @RepKatiePorter, in which she quite rightly asks Secretary Mnuchin "Is it currently the year 2026?" Which is worth asking because he seems deeply confused about what 4027 & 4029 say:
Fantastic to see @RepPressley call out Mnuchin's claim for what it is-- "a jedi mind trick."

Mnuchin wants to perpetuate a legal view that goes against the statutory text in order to somehow legally bind the next administration:
@RepAOC exposed Mnuchin's blatant misreading of CARES:
Unlike the airline loans, Treasury did not "make Main Street loans." It made an equity investment in the Fed's Main Street Lending Program. Next Secretary can modify/restructure/amend the investment:
(Shout out to my colleague @ArnabDatta321 for all of his excellent work on this...I'm free-riding on his greatness)
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