In his testimony before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Federal Reserve Board Chair Jerome H. Powell described the impact of the COVID-19-related lending facilities and economic stimulus plans under the CARES Act.
As to the Municipal Liquidity Facility, the Main Street Lending Program, the Secondary Market Corporate Credit Facility, the Primary Market Corporate Credit Facility, and the Term Asset-Backed Securities Loan Facility, Mr. Powell described (i) how the facilities address liquidity needs, (ii) the terms under which the Federal Reserve Bank of New York lends, (iii) the size of the facilities and of individual loans, (iv) the start dates and subsequent evolution of the facilities, and (v) how much money each of the facilities distributed.
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