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MNI BRIEF: Congress​ Drafts Bill to Remove 13-3 Cash For Good

WASHINGTON (MNI)

Congress may nail the door closed for the Treasury and the Federal Reserve to use any of the USD429 billion in Cares Act funding on any revived Main Street Lending Program or other 13(3) lending facilities, according to draft legislation viewed by MNI.

The unobligated balances of the USD429 billion made available by the CARES Act passed in March would be "permanently rescinded not later than January 1, 2021," according to the draft.

Congress's expectation in March "was always that the Fed should not be making fiscal decisions, but rather sticking to monetary policy and serving as a lender of last resort," said Representative Patrick McHenry, the top Republican on the House Financial Services Committee, in a statement released earlier Wednesday. "With this in mind, it is clear a much smaller ESF is warranted."

MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com
USPrivate sectorPolicy NewsHomepageFederal ReserveCentral Bank NewsFiscalGovernment sectorBriefStoryRegionNorth America
MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com
USPrivate sectorPolicy NewsHomepageFederal ReserveCentral Bank NewsFiscalGovernment sectorBriefStoryRegionNorth America

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