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Prepared Testimony for the Congressional Oversight Commission

Author

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  • Eric Rosengren

Abstract

President Rosengren spoke about the operationalization of the Federal Reserve’s Main Street Lending Program, a facility authorized by the Board of Governors of the Federal Reserve System under section 13(3) of the Federal Reserve Act, with approval of the Secretary of the Treasury. The Department of the Treasury committed to make an equity investment of $75 billion in the Program – and the funds available for investment by the Treasury were appropriated to the Exchange Stabilization Fund under section 4027 of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The Federal Reserve Bank of Boston, which President Rosengren leads, administers the operations of the Main Street Lending Program for the Federal Reserve System. As such, he was very pleased to provide information that he hopes will be useful to the Commission in its important oversight work.

Suggested Citation

  • Eric Rosengren, 2020. "Prepared Testimony for the Congressional Oversight Commission," Speech 88775, Federal Reserve Bank of Boston.
    • Handle: RePEc:fip:fedbsp:88775
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    Keywords

    COVID-19; Main Street Lending Program;

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