WASHINGTON (Reuters) - President-elect Joe Biden's Treasury secretary will need Congress to approve re-use of $455 billion in funds that the Trump administration is taking back from Federal Reserve and other pandemic lending programs, the Treasury said on Monday.
Biden is expected to name former Federal Reserve chair Janet Yellen as his Treasury secretary, putting a woman in the job for the first time since the department was created in 1789.
Current Treasury Secretary Steve Mnuchin last week said he would allow some little-used coronavirus lending programs at the Federal Reserve to expire on Dec 31 and allow Congress to spend the funds on other aid for businesses and individuals.
Biden's transition team called the move, which restricts the new administration's ability to backstop financial markets during a worsening pandemic, "deeply irresponsible."
The funds are tied to expiring Fed lending programs for mid-size businesses, municipal bond issuers and other borrowers, the spokesperson said, adding that any new use, including renewing the facilities, would require congressional approval.
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