FOR IMMEDIATE RELEASE
April 17, 2020
Fed Must Set Priorities, Impose Conditions, Ensure Transparency of Credit Facilities
Public Also Needs Detailed Information On Transactions
Statement from Marcus Stanley, policy director, Americans for Financial Reform Education Fund, in response to Federal Reserve’s request for comments.
The AFR-EF comments can be found in full here.
“Absent major changes, the Federal Reserve’s multi-trillion-dollar funding programs will reward corporate insiders and financial speculators, without guaranteeing desperately needed help for those hardest-hit by the coronavirus crisis. The Fed needs to set the right priorities for this credit and impose conditions that ensure the benefits of this extraordinary assistance go to those who need it most.
The Federal Reserve must provide detailed, transaction-specific information to the public about how this money is used – a commitment the Fed leadership has not made so far. The credibility of the Federal Reserve and the effectiveness of our national crisis response are at stake.
Our response to the Federal Reserve’s request for comments lays out specific steps the Fed should take to ensure proper targeting and sufficient transparency to these programs.”