Congresswoman Shalala (FL-27) issued the following statement in response to a letter sent yesterday by Federal Reserve Chairman Jerome Powell announcing that he will comply with Treasury Secretary Steven Mnuchin’s request to return unused CARES Act funds:
“Yesterday, almost 200,000 Americans tested positive for COVID-19 and the number of cases continues to rise. Returning the CARES Act money to the Treasury now is not just reckless, it is dangerous. These funds were allocated by Congress to protect American businesses, state and local governments, and the millions of workers they employ from collapsing under the weight of this crisis. We cannot abandon this safety net just as this crisis appears to be at its worst.
“The Federal Reserve has no obligation to comply with Secretary Mnuchin’s request. I urge Chairman Powell to side with America’s families, entrepreneurs, communities and workers and reconsider his decision.”