Rachel Siegel

The Federal Reserve and Treasury Department had a rare public falling out over whether the central bank should retain emergency lending powers.

Though Mnuchin also asked the Fed to return hundreds of billions of dollars in unspent Cares Act money, Treasury alone does not hold that power.

One of President-elect Joe Biden’s very first tasks will be filling the key positions in his White House and Cabinet.

Shelton’s support narrowed after Sen. Charles E. Grassley (R-Iowa) said he would immediately quarantine. Three other GOP senators oppose her confirmation.

Sen. Lamar Alexander of Tennessee joins two other Republicans in opposing the nomination.

Shelton’s confirmation could mark Trump’s final imprint on the Fed board, just months before the Biden administration is inaugurated.

The group’s left-leaning makeup puts an emphasis on consumer protections and rule-writing as the economy faces its most tumultuous days since the 2008-2009 recession.

A leading candidate for the treasury secretary is Fed governor Lael Brainard, a senior department official in the Obama administration.

Powell said it was expected that the pace of the recovery would ease compared was May and June, simply given how deeply the economy was gutted in the spring.

Months of fraught negotiations on Capitol Hill have fixed attention on the Fed and what more it can do to expand the reach of its emergency lending programs.