Economics
New York MTA Asks Federal Reserve to Tap New Lending Program
- Agency wants to use the Fed’s Municipal Liquidity Facility
- MTA request comes as agency upsizes long-term borrowing deals
This article is for subscribers only.
New York’s Metropolitan Transportation Authority, the largest U.S. transit system, is asking the Federal Reserve to allow it to borrow through the central bank’s new $500 billion lending program.
The Fed currently allows states, some municipalities and multi-state entities to access the program, called the Municipal Liquidity Facility. While the MTA could have the state borrow on its behalf, it’s seeking to do so directly.