Senate GOP Stimulus Bill Would Pull Cares Act Funds From Fed
- McConnell introduces ‘skinny’ stimulus bill, will set vote
- GOP proposal would curb Fed’s ability to widen Covid lending
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Senate Republicans are proposing curbing the Federal Reserve’s ability to expand or create lending programs for businesses, states and local governments as part of an effort to free up funding for a new coronavirus stimulus bill.
A slimmed-down virus relief bill that Senate Republicans released Tuesday and plan to vote on this week would be partly funded by reducing a Cares Act appropriation passed in March from $454 billion to $250 billion. The Fed, working with the Treasury Department, has used $195 billion of that money to create lending programs to help businesses, corporations and local governments.