Senators reach deal on Fed powers, setting stage for coronavirus relief passage
By Alexander Bolton and Mike Lillis - 12/19/20 11:48 PM EST
Senate Minority Leader Charles Schumer (D-N.Y.) and Sen. Pat Toomey (R-Pa.) reached an agreement late Saturday night on language to curtail the Federal Reserve's special lending authorities, setting the stage for passage of a coronavirus relief deal and omnibus spending package as early as Sunday.
At around 9 p.m. Republicans sent word to Schumer that they would accept language resolving the dispute over the Federal Reserve’s lending facilities, according to the GOP aides.
The compromise will sweep out the $429 billion in unspent CARES Act funding for the Federal Reserve’s credit lending facilities and repurpose it as an offset for a new $900 billion coronavirus relief bill, GOP sources said.
more
https://thehill.com/homenews/senate/531026-schumer-toomey-reach-deal-on-fed-powers-setting-stage-for-coronavirus-relief
