- U.S. Senator Pat Toomey (R-Pa.) released the following statement on today’s
decision by the Treasury Secretary to cease operation of the CARES Act’s
temporary, emergency lending facilities:
applaud Treasury Secretary Steven Mnuchin’s decision to wind down, by year-end,
the CARES Act’s temporary, emergency lending facilities, as Congress intended
and the law requires.
facilities, which were established in response to the unprecedented market
turmoil caused by the COVID-19 pandemic earlier this year, have successfully
achieved their intended purpose: stabilizing credit markets so private credit
could once again flow to businesses, states, and municipalities. These
temporary facilities helped to both normalize markets and produce record levels
of liquidity. Congress’s intent was clear: these facilities were to be
temporary, to provide liquidity, and to cease operations by the end of 2020.
With liquidity restored, they should expire, as Congress intended and the law
requires, by December 31, 2020.”