By Sunday evening, when Mitch Mc, Connell required a vote on a new costs, the bailout figure had actually expanded to more than 5 hundred billion dollars, with this substantial sum being assigned to two separate propositions. Under the first one, the Treasury Department, under Secretary Steven Mnuchin, would supposedly be given a spending plan of seventy-five billion dollars to supply loans to specific business and industries. The 2nd program would run through the Fed. The Treasury Department would supply the main bank with four hundred and twenty-five billion dollars in capital, and the Fed would utilize this cash as the basis of a mammoth loaning program for firms of all sizes and shapes.
Details of how these plans would work are vague. Democrats said the new bill would give Mnuchin and the Fed total discretion about how the cash would be distributed, with little openness or oversight. They slammed the proposition as a "slush fund," which Mnuchin and Donald Trump might utilize to bail out preferred business. News outlets reported that the federal government would not even need to identify the aid recipients for as much as 6 months. On Monday, Mnuchin pressed back, stating people had misunderstood how the Treasury-Fed partnership would work. He might have a point, but even in parts of the Fed there may not be much interest for his proposition.
throughout 2008 and 2009, the Fed faced a great
