Allentown, Pa. - 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:
 
“I 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.
 

“These 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.”