Republican lawmakers seek curbs on Fed’s emergency facilities


US Republican party lawmakers, backed by the Treasury secretary, are demanding curbs on the Federal Reserve’s emergency lending facilities, during negotiations over a new fiscal stimulus package.

Republican senator Pat Toomey accused the Fed of acting as a “lender of first resort” through the use of its Covid-19 emergency lending programmes. He called for language to be inserted into the stimulus bill to remove funding for some existing programmes, and to block the Fed from renewing programmes

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