US Congress strikes stimulus deal with weaker curbs on Fed powers

Federal Reserve

US lawmakers from both major parties have struck a deal on a $900 billion economic stimulus package, after Republicans agreed to amend a provision that would have removed some of the Federal Reserve’s emergency powers.

The revised wording of the stimulus bill requires the Fed to repay unused funds from its ‘Main Street’ emergency lending facility at the end of 2020, and prevents the Fed from duplicating the facility in 2021 without Congressional approval. However, unlike the original wording

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