The Federal Reserve today announced it will reveal every month the names of companies that borrow under its massive emergency lending programs, as it faces intense pressure to be transparent about its use of bailout money
“The Federal Reserve is committed to transparency and accountability by providing the public and Congress detailed information about our actions to support the economy during this difficult time,” Fed Chair Jerome Powell said in a statement.
The transparency pledge covers roughly $2.3 trillion in emergency loans that the central bank has said it will offer to large corporations, smaller businesses and municipal governments. Under another program, the Fed is attempting to boost consumers’ access to credit by lending to banks against collateral that includes bundled student loans, auto loans and credit card loans.
Because the Fed isn’t set up to take on the risk of borrowers defaulting, the Treasury Department will cover any losses with the money set aside by Congress. Bharat Ramamurti, a former aide to Sen. Elizabeth Warren who was tapped to join the congressional oversight commission created by the coronavirus relief package, is among those who have called on the Fed to be transparent about who is receiving funds.
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