Main Street Lending Program of the Federal Reserve
The Federal Reserve today expanded the scope of its Main Street Lending Program to accommodate more businesses and more loan options for participating banks.
With the coronavirus pandemic continuing to cause significant economic disruptions and sharp spikes in unemployment, the Federal Reserve will maintain the target range for the federal funds rate at 0 to 0.25%.
The Federal Reserve today announced plans for monthly disclosures of participants in its lending facilities backed by funds authorized by the CARES Act, including two facilities in the Main Street Lending Program.
In a letter to the Federal Reserve Board and the Treasury Department today, Senate Banking Chairman Mike Crapo (R-Idaho) raised a number of outstanding issues with recently announced initiatives to bolster the economy that are currently facing difficulties due to the coronavirus pandemic.
The nation’s banks are playing a vital role in delivering coronavirus relief funds to struggling businesses, American Bankers Association President and CEO Rob Nichols said in an interview on Bloomberg Radio today.
The Federal Reserve is deploying its emergency lending powers to “an unprecedented extent,” Federal Reserve Chairman Jerome Powell said in a speech this morning.
In its most sweeping move yet to prop up the U.S. economy amid the coronavirus pandemic and public health response, the Federal Reserve this morning unveiled several new facilities to support the flow of up to $300 billion in financing to households and businesses and committed to quantitative easing “in amounts needed” to support market functioning.