WASHINGTON—Treasury Secretary Steven Mnuchin said he expects the government to recover funds it is committing to backstop the Federal Reserve’s emergency lending programs, as it has in past crises. Congress last month appropriated $454 billion to absorb possible losses on the Fed programs, which will provide trillions of dollars in loans to businesses and municipalities. The money from the Treasury serves as a buffer to protect the Fed against losses.

Source: Wall Street Journal April 29, 2020 16:50 UTC