The Fed's chief banking supervisor said the facility should be available shortly as officials continue to work out operational details.
Vice Chairman Randal Quarles, the Fed's chief banking supervisor, said the facility should be available shortly as officials continue to work out operational details.
Federal Reserve Vice Chairman for Supervision Randal Quarles addresses the Economic Club of New York in New York City, October 18, 2018.The Federal Reserve Main Street lending program targeting mid-size businesses should be up and running in a few weeks, a senior central bank official said Friday. The Fed announced details of the program Thursday, with the expectations that it can provide up to $600 billion in loans for companies with up to 10,000 employees. The minimum loan size is $1 million and the term of the loans will be four years, with no prepayment penalty.
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