US Treasury Secretary Steven Mnuchin has just put the country’s financial stability at unnecessary risk, by refusing to extend programmes that have kept credit flowing to companies and municipalities amid a severe economic crisis. It’s now up to President-elect Joe Biden and the Federal Reserve to correct what could prove to be a costly mistake. At issue are several emergency lending facilities, set up to address a severe credit freeze that accompanied the onset of the coronavirus pandemic in March and April. With $195bn in backing from the Treasury, the Federal Reserve made about $2tn available to small businesses, corporations, and state and local governments, ensuring that they’d have ac
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