Powell Says Fed Keeping Its Aim Broad With Lending Powers

Law360 (June 16, 2020, 9:57 PM EDT) -- The Federal Reserve chairman on Tuesday downplayed the possibility of targeting specific pandemic-stricken industries for central bank support, telling senators that the Fed has instead sought to cast a wide net with its emergency lending response to the COVID-19 crisis.

At a remote hearing of the Senate Banking Committee, Fed Chairman Jerome Powell said the Main Street Lending Program and other borrowing facilities that the Fed has rolled out to ease the financial strains of the pandemic are crafted to be industry-agnostic and broadly accessible.

"We open up these facilities to any company from any industry that meets the financial requirements...

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