Very good analysis from @IrvingSwisher on why Mnuchin's move here violates the CARES Act and could be corrected by the Biden Administration promptly. /1 https://twitter.com/IrvingSwisher/status/1331326425706733576

It's an effort by Mnuchin to force the new administration into a political gotcha moment: the idea that they would be drawing on restricted general Treasury funds to do something that Republicans do not prefer (i.e., keeping facilities for Main Street and states/cities open) /2

This cannot and should not be taken seriously. Forget whether the CARES facilities should be large or small or should exist at all. Mnuchin is flouting the law and correcting it on January 20 is good government. /3

As CARES itself shows, we have the capacity to figure out new legislative solutions on a bipartisan basis to face thorny questions of emergency Treasury-Fed interventions. But we did that in CARES, and that's now the law until Congress decides otherwise, which it has not done. /4

Thank you for coming to my Ted talk /end