Capitol Report: Mnuchin says U.S. will audit small-business loans above $2 million and warns of ‘criminal liability’ for false certifications

Capitol Report

Treasury chief calls it ‘highly unlikely’ Fed will buy stocks

Treasury Secretary Steven Mnuchin


Mandel Ngan/AFP via Getty Images

The Trump administration will audit small-business loans above $2 million, U.S. Treasury Secretary Steven Mnuchin said Tuesday, as he warned of criminal liability for companies who improperly got government cash.

“It’s the borrowers who have criminal liability” if they made false certifications for loans intended for small businesses, the Treasury chief told CNBC, as the administration is being scrutinized for allowing large companies to receive loans.

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