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by jressey 2187 days ago
It says right in this article that of the money allocated, the Fed has not met it's commitment to disclose the lender, sum, and interest rate of about 3/4 of the loans they have given. It is a fair assumption by the author that we cannot have any expectation that the rest of the disbursements will be reported appropriately.
2 comments
ikeboy 2187 days ago
Note that the three facilities that have disbursed funds but are not releasing transaction level data were all established before the CARES act was enacted and have nothing to do with the $454 billion in funding there. Those are safe facilities lending to banks or other bank-like companies and didn't require any support from Congress. There was never any commitment to disclose transaction data there. OP is just misleading.
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ikeboy 2187 days ago
Which commitment and what evidence is offered for that allegation?

The headline number from OP is off by a factor of two. Forgive me if I don't trust anything else from that source without external corroboration.

I looked at their sources. Turns out, several of the programs they want more transparency on haven't yet started:

https://www.federalreserve.gov/publications/files/pmccf-smcc...

>Update. As of May 19, 2020, the PMCCF was not yet operational. Accordingly, there are no transaction data to report

>Update. As of May 19, 2020, the TALF was not yet operational. Accordingly, there are no transaction data to report.

https://www.federalreserve.gov/publications/files/msnlf-msel...

>Update. As of May 28, 2020, the MSNLF was not yet operational. Accordingly, there are no transaction data to report.

>Update. As of May 28, 2020, the MSELF was not yet operational. Accordingly, there are no transaction data to report.

>Update. As of May 28, 2020, the MSPLF was not yet operational. Accordingly, there are no transaction data to report.

Looking up the Powell speech where these commitments" were made, this is the paragraph right before the quote in OP:

>To more directly support the flow of credit to households, businesses, and state and local governments, the Federal Reserve established a number of facilities. To support the small business sector, we established the Paycheck Protection Program Liquidity Facility to bolster the effectiveness of the Coronavirus Aid, Relief, and Economic Security Act's (CARES Act) Paycheck Protection Program. Our Main Street Lending Program, which we are in the process of launching, supports lending to both small and midsized businesses. The Term Asset-Backed Securities Loan Facility supports lending to both businesses and consumers. To support the employment and spending of investment-grade businesses, we established two corporate credit facilities. And to help U.S. state and local governments manage cash flow pressures and serve their communities, we set up the Municipal Liquidity Facility.

Every single facility mentioned either has not yet given out money or transaction data has already been released.

There is no broken commitment here, full stop.

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