Stimulus Deal’s ‘Only Significant Obstacle’ Is GOP Arrangement to Suppress Fed Financing: Schumer

 Stimulus Deal’s ‘Only Significant Obstacle’ Is GOP Arrangement to Suppress Fed Financing: Schumer

Democratic Senate Minority leader Chuck Schumer stated on Saturday that a GOP condition to restrict the Federal Reserve’s emergency situation lending powers remains the only “significant hurdle” to passing a $900 billion bipartisan coronavirus relief plan.Legislators failed to pass the financial package on Friday, however prevented a government shutdown after President Donald Trump signed a two-day financing bill that will enable Congress to reconvene Sunday.The GOP proposal, introduced by Senator Pat Toomey of Pennsylvania, would stop the Federal Reserve from restoring emergency situation lending programs– which previously assisted small and medium-sized companies in addition to regional and state governments– beginning January 1.Republicans state that those lending programs, which were initially funded under the CARES Act in March, are no longer needed in any emergency case.” What this does is it says that nobody can restore or create a duplicate of the programs that got CARES Act cash,” Toomey formerly told reporters, according to Bloomberg. “We are not changing the role of the Fed at all. T
Read More

Redak staff

Leave a Reply

Your email address will not be published.