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Fed Extends These Critical Programs

( – In March, the Federal Reserve started rolling out policies in response to the COVID-19 crisis. That included lending programs for local governments, businesses, and individuals. These programs were due to expire at the end of September. Now, the Fed is planning to extend those actions. 

On July 28, the Fed announced it’s extending the lending programs until December 31. The policies, which aimed to inject more cash into the economy, have been a crucial factor in the country’s ability to get through the coronavirus downturn. 

Treasury Secretary Steven Mnuchin commended the agency for its initiatives during this crisis. He explained the Federal Reserve and Trump Administration’s partnership have “played a vital role in improving liquidity” and supporting the “flow of credit” to the American people and to businesses. 

At the beginning of the coronavirus pandemic, it looked like the US was headed into another Great Recession. However, with the hard work of the federal government, it seems we’ve been able to avoid worst-case scenarios. Hopefully, that’s going to continue throughout the remainder of the crisis. 

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