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head shot of Sec. Steven Mnuchin from far away Steven Mnuchin, U.S. Treasury secretary. (Photo: Bloomberg News)

(Bloomberg) –Treasury Secretary Steven Mnuchin will put $455 billion in unspent Cares Act funding into an account that his presumed successor, former Federal Reserve Chair Janet Yellen, will need authorization from Congress to use.

Mnuchin plans to place the money into the agency’s General Fund, a Treasury Department spokesperson said Tuesday. Moving the funds, the bulk of which had gone to support Federal Reserve emergency-lending facilities, will make it virtually impossible for Yellen, if confirmed by the Senate as Treasury secretary, to deploy on her own.

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