On May 19th, the U.S Senate Banking Committee held a virtual hearing. The Committee questioned Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell about how they are using the $2 trillion CARES Act stimulus funds.
CARES Act Programs were discussed. Updates are below.
Chairman Powell for updates from the Federal Reserve:
- Main Street Lending Program – “preparing to launch” per Chairman Powell
- When pressed by Senator Pat Toomey (R) on a more definitive launch date, Powell said he expects the program to be operationa by the end of May or first few days of June
- Municipal Liquidity Facility established under section 13(3) authority to purchase short-term debt directly from U.S.