Senate leader McConnell seeks to 'repurpose' expiring Fed lending for coronavirus

FILE PHOTO: U.S. Senate Majority Leader Mitch McConnell (R-KY) speaks after the Senate Republican GOP leadership election on Capitol Hill in Washington, U.S. November 10, 2020. REUTERS/Erin Scott

WASHINGTON (Reuters) - Funding for an expiring Federal Reserve lending program that Treasury Secretary Steven Mnuchin terminated should be “repurposed” for a new round of coronavirus aid that the U.S. Congress could craft, Senate Majority Leader Mitch McConnell said in a statement on Friday.

“Congress should repurpose this money toward the kinds of urgent, important, and targeted relief measures” Republicans have been advocating, McConnell said, without mentioning any of the initiatives Democrats have been seeking in new legislation.

Reporting by Richard Cowan; editing by Diane Craft