members of a congressional panel say the Federal Reserve has been slow to launch an emergency lending program for midsized companies
The Federal Reserve received a bipartisan critique Wednesday from members of a congressional oversight panel who said the nation’s central bank has been slow to launch a key emergency lending program for midsized companies.
The central bank received more than 2,000 comments on the program from April 9 to 30, then said the program would be broadened to include more businesses. Fed Chairman Jerome H. Powell said that the program will be operational by early June and that the central bank was moving as fast as possible.“We are working literally around the clock and have been for weeks to have this ready,” Powell said.
The Fed and Congress have pumped trillions of dollars into the economy to stem the damage, but the central bank is still grappling with what Powell has called “complex and challenging” emergency facilities.“Main Street is in a class by itself,” he told senators Tuesday during a virtual hearing. “These are small and medium-sized businesses. They live in a world of bank lending. That’s a world of negotiated documents. We’re trying to enter that world and make loans to qualifying buyers.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Create! Group Coaching ProgramA group coaching program to help professional women design their future.
Lire la suite »
Fed's Powell says $600 billion Main Street Lending Program and remaining initiatives will begin by June | Markets InsiderThe four Federal Reserve aid programs that haven't launched yet - including its $600 billion Main Street Lending Program - will be operational b...
Lire la suite »
Mnuchin to face grilling about small-business lending effortLawmakers from both parties have criticized the Payroll Protection Program, which initially provided $349 billion in forgivable loans to small companies but has been plagued by a host of problems.
Lire la suite »
Fed's Powell says new lending programs to launch by June 1Federal Reserve Chair Jerome Powell and Treasury Secretary Steve Mnuchin testify before a Senate panel. Powell said new lending programs will launch by June 1. Mnuchin defended the administration's support for reopening the economy.
Lire la suite »
Mariachis delight quarantined Colombians with jolts of street music'There isn't money left to buy food, let alone pay rent,' said Ramirez, who plays music in the streets of Colombia to help allay some costs.
Lire la suite »
California's coronavirus relief program for unemployed immigrant workers gets off to a rocky startGov. Gavin Newsom has launched a program providing $500 to immigrants without legal status who have been put out of work because of the coronavirus pandemic, but several state lawmakers want more.
Lire la suite »