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Energy Chief Says Fed Asked to Expand Lending for Oil Firms

Dan Brouillette says mid-cap companies were targets of changes
Watchdog group member Ramamurti scrutinizing Fed decision

Video player cover image — U.S. Energy Chief Brouillette Says Oil Prices Starting to Stabilize

By

Saleha Mohsin and

May 12, 2020, 7:09 PM UTCUpdated onMay 12, 2020, 10:36 PM UTC

The Trump administration asked the Federal Reserve to modify its Main Street Lending Program to include more mid-size companies in order to help oil firms cope with the plunge in crude prices, Energy Secretary Dan Brouillette said.

Treasury Secretary Steven Mnuchin “worked very closely with the Federal Reserve. We adjusted the program -- the Main Street Lending Program -- and made that program available to what we refer to as mid-cap size companies,” Brouillette said Tuesday on Bloomberg TV.