WASHINGTON, Nov. 20 (Xinhua) -- U.S. Federal Reserve Chairman Jerome Powell said on Friday that the central bank will return unused funds of the emergency COVID-19 lending facilities to the Treasury Department.
"You have indicated that the limits on your authority do not permit the CARES Act facilities to make new loans or purchase new assets after December 31, 2020, and you have requested that we return Treasury's excess capital in the CARES Act facilities," Powell wrote in a letter to Treasury Secretary Steven Mnuchin.