By Sunday evening, when Mitch Mc, Connell forced a vote on a new expense, the bailout figure had actually expanded to more than five hundred billion dollars, with this huge amount being assigned to two separate propositions. Under the very first one, the Treasury Department, under Secretary Steven Mnuchin, would supposedly be offered a budget of seventy-five billion dollars to offer loans to specific companies and industries. The 2nd program would operate through the Fed. The Treasury Department would supply the reserve bank with four hundred and twenty-five billion dollars in capital, and the Fed would utilize this cash as the basis of a massive financing program for firms of all shapes and sizes.
Details of how these plans would work are vague. Democrats stated the new expense would offer Mnuchin and the Fed total discretion about how the cash would be dispersed, with little transparency or oversight. They criticized the proposition as a "slush fund," which Mnuchin and Donald Trump could utilize to bail out favored business. News outlets reported that the federal government wouldn't even need to recognize the help receivers for as much as 6 months. On Monday, Mnuchin pressed back, stating people had misinterpreted how the Treasury-Fed partnership would work. He may have a point, however even in parts of the Fed there might not be much interest for his proposition.
during 2008 and 2009,
