Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell testify remotely to the Senate Banking Committee on Tuesday in the first quarterly report to Congress on the CARES Act
— Reuters’ Howard Schneider: “Around 600 banks, most of them small community institutions, tapped the Federal Reserve’s Paycheck Protection Program facility for about $30 billion of loans as of May 6, the U.S. central bank reported on Saturday in its first detailed disclosure under the new program.
“The lenders used 3,676 PPP loans they had issued to small businesses as collateral for money from the central bank’s PPP program, clearing room on their own balance sheet for further lending. The Fed said it had collected $2.5 million in interest and fees for the transactions so far.
"The changes are likely to include giving businesses more flexibility to spend the money, according to lawmakers and others following the deliberations. Under the original terms, 75 percent of the funds were required to be spent on employee salaries for the loans to be forgiven.”— Bloomberg’s Enda Curran: “Monetary policy could be tighter than it looks as the pace of government borrowing eclipses the record stimulus of central banks.
“And it’s much the same with other nations, with only New Zealand set for a net decline in publicly held debt outstanding. That suggests -- low as they are -- sovereign bond yields in developed economies are higher than they otherwise would be if central banks were buying more.”— American Securities Association CEO Chris Iacovella in the WSJ on why the group is suing the SEC: “The SEC is compelling us to send the data of every individual U.S. investor to an unsecure database.
Wells Fargo has hired Nate Hurst to oversee corporate responsibility, philanthropy, community relations and sustainability. He’ll also be president of the Wells Fargo Foundation. He’ll start June 1 and will be based in Washington. He was previously HP’s chief sustainability and social impact officer.— Kris Fallon, director of federal government affairs at Citigroup, and Mike Fallon, partner and CIO at Solomon Hess Capital Management, welcomed Caroline “Charlie” Grace Fallon on May 4.
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