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Steve Mnuchin

Former US Treasury Secretary Reveals TikTok Purchase Plans

Former US Treasury Secretary Steven Mnuchin has said he is building an investor group to acquire TikTok, a day after the House of Representatives voted to force the social media platform’s Chinese owner ByteDance to sell the app or face a US ban. The US House passed the legislation by a vote of 352-65 on March 13, citing national security risks. The bill now goes to the Senate. US President Joe Biden previously said he would sign the bill into law if it passes both houses of Congress. “I think the legislation should pass and I think [TikTok] should be sold,” Mnuchin, who leads Liberty Strategic Capital, told CNBC on March 14. “It’s a great business and I’m going to put together a group to buy TikTok.”

US Treasury Shelves $455 Billion In Unspent Stimulus

Last week the US Treasury and the US Federal Reserve Bank engaged in a rare public disagreement. US Treasury Secretary, Mnuchin, in a letter to Jerome Powell, chair of the Federal Reserve, last week directed the Fed to return $455 billion that the Fed was holding in reserve should future lending to banks and non-bank businesses become necessary if the US economy and markets further deteriorate in 2021. Fed chair Powell initially balked at Mnuchin’s request, replying that the Fed needed the funds to ensure market stability since the US economy was entering a “difficult period” in late 2020 and early 2021. 
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