Economics
Fed to Name Participants in Cares Act-Backed Loan Programs
- Details will be published every 30 days on the Fed’s website
- Congress had been pressing central bank to share more details
Photographer: Andrew Harrer/Bloomberg
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The Federal Reserve will disclose the names of borrowers from several of its emergency lending facilities backed by U.S. taxpayer money from the $2.2 trillion coronavirus rescue bill, following congressional pressure for transparency.
The Fed said on Thursday that it will publish the names and details of participants in its facilities set up in the CARES Act, as well as the amounts that were borrowed and the interest rate charged on its website at least every 30 days. It will also report the overall costs, revenues and fees of each of the facilities.