Most Fed emergency funds not yet spent, lawmakers find
Less than 8% of the $500bn set aside for Fed and Treasury lending has been spent, report finds
Only a small portion of the funds the US Congress assigned to the Federal Reserve and Treasury for lending to business and state government has been used, despite being approved two months ago.
A May 18 Congressional report finds just $37.5 billion, or 7.5%, of the $500 billion set aside has been used so far.
The report warns that despite the Fed and Treasury modifying some of the initial conditions for loans, the requirements may still prevent companies from accessing needed finance.
“While
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