Skip to content
More from
Bloomberg
Politics
relates to Zeta Is Set to Be Fifth Storm to Wallop Louisiana This Year
relates to Ivorian President in Near Empty Race as Rivals Boycott Vote relates to Australia Joins U.S., Japan to Fund $30 Million Undersea Cable in South Pacific relates to National Guard Sent to Philadelphia After Shooting: Protest Wrap relates to Philippines Building Up Fleet in South China Sea to Counter Chinese relates to World’s Richest Nations Jostle to Lead Globalization Clubhouse relates to Long a Target of Police Brutality, Nigerian Tech Fights Back relates to East Europe Fights for Its Life Against Virus It Thought Crushed relates to Boris Johnson Is Making His Own Side ‘Miserable’ With U.K. Virus Plans relates to Europe’s Capitals Mull Recovery Loans With Eye on Soaring Debt relates to Zeta Is Set to Be Fifth Storm to Wallop Louisiana This Year
relates to Ivorian President in Near Empty Race as Rivals Boycott Vote relates to Australia Joins U.S., Japan to Fund $30 Million Undersea Cable in South Pacific relates to National Guard Sent to Philadelphia After Shooting: Protest Wrap relates to Philippines Building Up Fleet in South China Sea to Counter Chinese relates to World’s Richest Nations Jostle to Lead Globalization Clubhouse relates to Long a Target of Police Brutality, Nigerian Tech Fights Back relates to East Europe Fights for Its Life Against Virus It Thought Crushed relates to Boris Johnson Is Making His Own Side ‘Miserable’ With U.K. Virus Plans relates to Europe’s Capitals Mull Recovery Loans With Eye on Soaring Debt relates to Zeta Is Set to Be Fifth Storm to Wallop Louisiana This Year
relates to Ivorian President in Near Empty Race as Rivals Boycott Vote relates to Australia Joins U.S., Japan to Fund $30 Million Undersea Cable in South Pacific relates to National Guard Sent to Philadelphia After Shooting: Protest Wrap relates to Philippines Building Up Fleet in South China Sea to Counter Chinese relates to World’s Richest Nations Jostle to Lead Globalization Clubhouse relates to Long a Target of Police Brutality, Nigerian Tech Fights Back relates to East Europe Fights for Its Life Against Virus It Thought Crushed relates to Boris Johnson Is Making His Own Side ‘Miserable’ With U.K. Virus Plans relates to Europe’s Capitals Mull Recovery Loans With Eye on Soaring Debt
Politics

Mnuchin Says Energy Firms Hit by Oil Rout Can Use Fed Lending

Mnuchin Says Energy Firms Hit by Oil Rout Can Use Fed Lending

Oil 'New Norm' in $20 to $35 Range After Virus, RockCreek CEO Says

Treasury Secretary Steven Mnuchin said energy companies squeezed by the oil-price war can turn to the Federal Reserve’s lending facilities for aid but won’t get direct loans from his department.

“I have very limited ability to do direct loans out of the Treasury,” he said Thursday at a White House news conference on Thursday.

The $2.2 trillion coronavirus-related economic package authorizes the secretary to provide loans and grants to passenger airlines, cargo airlines, contractors and companies important to national security, Mnuchin said.

Other companies must turn to the Fed, which is authorized to inject $4 trillion into the U.S. economy through various lending facilities approved by Congress.

“Our expectation is the energy companies, like all our other companies, will be able to participate in broad-based facilities, whether it’s the corporate facility or whether it’s the main street facility, but not direct lending out of the Treasury,” he said.