GOP Sen. Pat Toomey: New Fed action shows why the stalled coronavirus bill is 'so essential'

'The Fed is not allowed to lose money. That's why our legislation is so essential,' Sen. Patrick Toomey told CNBC on Monday.

Monday underscores the importance of the coronavirus relief legislation being negotiated in the Senate.

It also announced a program targeted toward Main Street businesses and the Term Asset-Backed Loan Facility that was put in place during the financial crisis. , is necessary to help both American workers and complement the Fed's programs to smooth market functioning. The Senate's legislation will also help set up broad-based lending facilities for corporate borrowers, Toomey said.

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