Sen. Pat Toomey (R-Pa.), who will be the next chairman of the Senate Banking Committee if Republicans keep their majority in 2021, on Sunday …
Sen. Pat Toomey (R-Pa.), who will be the next chairman of the Senate Banking Committee if Republicans keep their majority in 2021, on Sunday praised the outcome of negotiations with Democrats to wind down the Federal Reserve’s expanded lending powers. Toomey, who negotiated the deal late Saturday night with Senate Minority Leader Charles Schumer (D-N.Y.), said the agreement will close four Fed credit lending facilities funded by the CARES Act: the Primary Market Corporate Credit Facility, the Secondary Market Corporate Credit Facility, the Main Street Lending Program and the Municipal Credit Facility. Toomey said the deal achieved his four goals: to sweep out $429 billion in unused CARES Act funds allocated for Fed lending and repurpose the money, to shut down the four lending facilities, to forbid the reopening of those facilities, and to ban future clones of the program. “I’m very, very pleased with that,” he told reporters on a conference call Sunday. “Those were the four goals. Those were the only goals, and we achieved every one of those goals.” He also dismissed Democratic accusations that he was trying to hamstring the Federal Reserve’s capabilities in general or tie the hands of President-elect Joe Biden administration as “wild mischaracterizations of the Republican position.
