Lucas Urges Federal Reserve to Address Needs of Americaís Rural CommunitiesWed, 17 Jun 2020 17:21:53 CDT
Congressman Frank Lucas (OK-03) today questioned Federal Reserve Chairman Jerome Powell at a House Committee on Financial Services hearing on monetary policy and the state of the economy. Lucas asked Chairman Powell about the Federal Reserveís ongoing efforts to support our nationís rural economies, households, and businesses through the Fedís various lending facilities.
Recently, the Federal Reserve Board expanded its Municipal Liquidity Facility to help state and local governments better manage cash flow pressures in order to continue to serve households and businesses in their communities. The MLF was established under Section 13(3) of the Federal Reserve Act, with approval of the Treasury Secretary. It will offer up to $500 billion in lending to states and municipalities to help manage cash flow stresses caused by the coronavirus pandemic.
You can Watch Congressman Lucas' Q&A by clicking below:
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