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Illustration: Aïda Amer/Axios

A move by Treasury Secretary Steven Mnuchin could handcuff his likely successor Janet Yellen's ability to immediately restart Fed economic programs.

Driving the news: Mnuchin is planning to shift $455 billion in unspent CARES Act funds into a special account that would require Congress' permission to access, Bloomberg reports.

  • It's the latest development in the battle over the Fed's emergency lending programs that Mnuchin said would sunset at year-end.

Why it matters: Assuming no deal before the inauguration, no one knows how long it will take to push through another stimulus when Joe Biden takes office. In theory, these funds could have backed Fed economic support programs while Congress hashes out the next aid package.

  • Now it looks like using these funds comes with the additional hurdle of congressional signoff.

The big question: Whether Mnuchin can do this.

  • Bharat Ramamurti, who's part of the watchdog panel overseeing CARES Act funds, tweeted Mnuchin's plans were "illegal and can be reversed next year."
  • He's not the only one who believes transferring the money to this fund now violates terms laid out in the CARES Act.
  • Treasury maintains Mnuchin's move is legal, Bloomberg notes.

Go deeper

Dion Rabouin, author of Markets
Jan 20, 2021 - Economy & Business

Janet Yellen said all the right things to reassure the markets

Illustration: Aïda Amer/Axios

Treasury Secretary nominee and former Fed chair Janet Yellen's confirmation hearing before the Senate Finance Committee on Tuesday showed markets just what they can expect from the administration of President-elect Joe Biden: more of what they got under President Trump — at least for now.

What it means: Investors and big companies reaped the benefits of ultralow U.S. interest rates and low taxes for most of Trump's term as well as significant increases in government spending, even before the coronavirus pandemic.

2 hours ago - World

UN Security Council meeting on Israel-Gaza as fighting enters 7th day

Smoke billows from a fire following Israeli airstrikes on multiple targets in Gaza on May 16. Photo: Mohammed Abed/AFP via Getty Images

The United Nations Security Council was preparing to meet Sunday, as the aerial bombardment between Israel and Hamas between entered a seventh day.

The latest: Four Palestinians died in airstrikes early Sunday, as Israeli forces bombed the home of Gaza's Hamas chief, Yehya al-Sinwar, per Reuters.

7 hours ago - World

In photos: Protests in U.S., across the world over Israeli–Palestinian conflict

A protest march in support of Palestinians near the Washington monument in Washington, D.C. on May 15. Photo: Andrew Caballero-Reynolds/AFP via Getty Images

Thousands of people rallied across the U.S. and the world Saturday following days of violence in Gaza and Israel that's killed at least 145 Palestinians, including 41 children, and eight Israelis, per AP.

The big picture: Most demonstrations were in support of Palestinians. There were tense scenes between pro-Israeli government protesters and pro-Palestinian demonstrators in Winnipeg, Canada, and Leipzig, Germany, but no arrests were made, CBS News and DW.com report.