ABSTRACT

Quarterly CARES Act Report to Congress, Hearing Before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Sixteenth Congress, Second Session on Examining Testimony from the Secretary of the Treasury and the Chairman of the Federal Reserve, as Required Under Title IV of the CARES Act, September 24, 2020   [open pdf - 10MB]

This is the September 24, 2020 hearing on "Quarterly CARES [Coronavirus Aid, Relief, and Economic Security] Act Report to Congress," held before the U.S. Senate Committee on Banking, Housing, and Urban Affairs. From the opening statement of Mike Crapo: "Congress has appropriated nearly $3 trillion to protect, strengthen, and support Americans, to fight the pandemic, and also to stabilize the infrastructure of our economic system. Title IV of the CARES Act provided a $454 billion infusion into the Exchange Stabilization Fund to support the Federal Reserve's 13(3) emergency lending programs and facilities that facilitate liquidity in the marketplace and support eligible businesses, States, municipalities, and tribes. So far, approximately $195 billion of funds under Title IV of the CARES Act have been leveraged to provide trillions of dollars in liquidity back into the markets, supporting credit flow and helping to stabilize the economy through the Primary Market and Secondary Market Corporate Credit Facilities, the Term Asset-Backed Securities Loan Facility, the Main Street Lending Program, and the Municipal Liquidity Facility. That leaves around $250 billion in funding remaining under Title IV of the CARES Act." Statements, letters, and materials submitted for the record include those of the following: Steven T. Mnuchin and Jerome H. Powell.

Report Number:
S. Hrg. 116-411; Senate Hearing 116-411
Publisher:
Date:
2022
Series:
Copyright:
Public Domain
Retrieved From:
U.S. Government Publishing Office: http://www.gpo.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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