Federal Watchdog Investigating Ted Cruz and Steven Mnuchin for Throttling Emergency Lending
Special Inspector General for Pandemic Recovery Brian Miller has launched an investigation into former Treasury Secretary Steven Mnuchin for blocking the Federal Reserve’s ability to lend money to small businesses that are struggling to remain open during the COVID-19 pandemic.
Miller is also probing whether Senator Ted Cruz (R-TX) tried to finagle the rules so that fossil fuel giants, which are already heavily subsidized, would have access to the low-interest, taxpayer-funded federal loans.
“A federal watchdog is looking into former Treasury Secretary Steven Mnuchin’s decision to roll back the U.S. Federal Reserve’s emergency lending programs at the end of 2020, an issue that has become a point of partisan tension in Congress. The Special Inspector General for Pandemic Recovery is also inquiring into Texas Republican Senator Ted Cruz’s role in persuading the central bank to expand the eligibility rules for the Main Street Lending Program to make it easier for oil and gas companies to apply for the low-interest rate loans,” Bloomberg reported on Monday.
“The investigations, led by Brian Miller – the special Inspector General in charge of overseeing the Treasury Department and Federal Reserve’s response to the pandemic – could shed more light on Mnuchin’s decision and legal basis for winding down the programs, which Democrats say was politically motivated,” Bloomberg reported. “The probes mark some of the biggest moves yet for Miller, a Trump appointee, who has said he struggled to begin his oversight work since he was confirmed by the Senate in June because of technical challenges and the time needed to hire experienced staff.”
Read the full report on Bloomberg by clicking here.