WASHINGTON (AP) — Federal Reserve Chair Jerome Powell said Tuesday that the Fed lending programs for medium-sized businesses and state and local governments would begin operating by the end of this month.
Powell said that while the Fed has received a “good deal of interest” in those programs, if not enough companies or state and local governments seek to borrow, the Fed would consider changes to them.
AP’s earlier story is below:
Treasury Secretary Steven Mnuchin will likely come under tough questioning from senators Tuesday about a small business lending program included in the government’s $2 trillion relief package.
In his prepared testimony, Powell said the central bank will disclose the amounts borrowed and the interest rates it levies under its programs to provide credit for large corporations, state and local governments, and medium-sized businesses.
Powell said the Fed will also name the companies that benefit from its two facilities that have started to purchase corporate debt, as well as its program to purchase municipal bonds and a facility that will buy securities backed by auto, student, and credit card loans.
