By Sunday evening, when Mitch Mc, Connell required a vote on a new expense, the bailout figure had expanded to more than 5 hundred billion dollars, with this huge sum being assigned to 2 different propositions. Under the first one, the Treasury Department, under Secretary Steven Mnuchin, would reportedly be given a budget plan of seventy-five billion dollars to offer loans to particular companies and markets. The second program would run through the Fed. The Treasury Department would provide the central bank with 4 hundred and twenty-five billion dollars in capital, and the Fed would utilize this cash as the basis of a massive lending program for firms of all shapes and sizes.
Details of how these schemes would work are vague. Democrats said the new expense would provide Mnuchin and the Fed overall discretion about how the cash would be dispersed, with little transparency or oversight. They slammed the proposition as a "slush fund," which Mnuchin and Donald Trump might utilize to bail out preferred companies. News outlets reported that the federal government wouldn't even need to identify the help receivers for up to six months. On Monday, Mnuchin pressed back, stating individuals had misconstrued how the Treasury-Fed collaboration would work. He might have a point, but even in parts of the Fed there might not be much enthusiasm for his proposition.
during 2008 and 2009, the Fed faced a great
