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On Dec. 10, Mnuchin promised @BharatRamamurti a memo describing his Nov 19 legal case for closing the facilities.
On Dec. 15, the SIGPR sent Treasury requests for similar info.
On Jan. 19 (!!), Treasury responded, calling the issue moot because of the new law passed on Dec. 27. https://twitter.com/SalehaMohsin/status/1356322446903832579
On Dec. 15, the SIGPR sent Treasury requests for similar info.
On Jan. 19 (!!), Treasury responded, calling the issue moot because of the new law passed on Dec. 27. https://twitter.com/SalehaMohsin/status/1356322446903832579
Mnuchin agreeing to provide written memo on Dec. 10: https://coc.senate.gov/sites/default/files/2021-01/COMMISSION%20December%20Report%2012-31%20FINAL%2C%20appendix.pdf
SIGPR letter from Dec. 15 and note describing Treasury's Jan. 19 response: https://www.sigpr.gov/sites/sigpr/files/2021-02/SIGPR-Quarterly-Report-to-Congress-December-31-2020.pdf
SIGPR letter from Dec. 15 and note describing Treasury's Jan. 19 response: https://www.sigpr.gov/sites/sigpr/files/2021-02/SIGPR-Quarterly-Report-to-Congress-December-31-2020.pdf
SIGPR asked the right questions, including noting that, the contracts w/ the Fed did not contemplate such a legal requirement to return unused funds, and the Treasury needed the Fed's acquiescence to amend those contracts:
SIGPR was also right to probe the odd definition of "unused" funds (see picture). I discussed this back then, link here: https://som.yale.edu/blog/the-uncertain-future-of-the-fed-s-cares-act-facilities
Investigation aside, this latter issue is not moot, because the Dec. 27 law that definitively closed the CARES Act facilities falls prey to the same issue, as discussed in this short thread: https://twitter.com/StevenKelly49/status/1347292696529014784?s=20
