Porter specifically grilled Mnuchin over his support to move $455 billion in COVID-19 relief from the Federal Reserve back into the Treasury’s General Fund, a move that would make it harder for his successor to access the emergency funding.
Porter cited that under the CARES Act, any remaining funds may be moved to the Treasury only “on or after January 1, 2026.”
“Secretary Mnuchin, is it currently the year 2026, yes or no?” the congresswoman asked via video conference at the hearing.
Mnuchin responded, “First let me comment, I do believe there’s an economic—”
“Secretary Mnuchin, reclaiming my time,” Porter interrupted.
“You’re putting words in my mouth that are not correct,” the Treasury secretary said.
Porter then repeated her question, to which Mnuchin replied, “Of course it’s not 2026.”
“How ridiculous to ask me that question to waste our time,” he added.
“Well Secretary Mnuchin, I think it’s ridiculous that you’re play-acting to be a lawyer when you have no legal degree,” Porter added.
Mnuchin then explained that he has several lawyers advising him at the Department of Treasury.
“I’m more than happy to follow up with Chair [Maxine] Waters [D-Calif.] and explain all the legal provisions,” he added.
“Secretary Mnuchin, are you in fact a lawyer?” Porter continued.
“I do not have a legal degree, I have lawyers that report to me,” Mnuchin replied.
Porter then asked Federal Reserve Chairman Jerome Powell, who appeared before the committee Wednesday along with Mnuchin, if he was a lawyer.
Powell, who previously practiced law and holds a legal degree from Georgetown University, confirmed he was a lawyer.
“Okay, so Secretary Mnuchin, you are trying to tell Chairman Powell to send over any remaining funds right now and you’re claiming falsely, in my opinion, that that is what the law says,” Porter argued.
Mnuchin then asked if Porter was a lawyer.
Porter holds a degree from Harvard Law School and serves as a law professor at the University of California Irvine.