Fed to release monthly details on coronavirus lending

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WASHINGTON — The Federal Reserve will release monthly details about the activities of its lending facilities that were deployed to support banks and other businesses dealing with the economic effects of the coronavirus pandemic.

The central bank, which has been able to expand liquidity efforts thanks to the $2 trillion coronavirus rescue package passed by Congress, said Thursday that it will post details about the participants in its lending facilities. The information will include how much participants borrow and their interest rates. The details will be made publicly available on the Fed's website “at least every 30 days.”

"The Federal Reserve is committed to transparency and accountability by providing the public and Congress detailed information about our actions to support the economy during this difficult time," Fed Chair Jerome Powell said in a press release.

The announcement comes as the Trump administration and regulators have been pressured to be transparent in their use of funds authorized by the Coronavirus Aid, Relief, and Economic Security Act, which became law last month. Congress also created a congressional commission through the CARES Act to oversee the Fed and Treasury Department's activities as they relate to the coronavirus.

The Fed has rolled out a number of facilities in response to the pandemic, including the Main Street Lending Program, Municipal Liquidity Facility and Paycheck Protection Program Liquidity Facility. The PPP facility provides funding to banks offering loans to struggling small businesses.

This article originally appeared in American Banker.
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Federal Reserve Liquidity Small business lending Paycheck Protection Program Coronavirus Jerome Powell