Washington, DC— Today, Congressman Jim Himes (CT-04) chaired a hearing of the National Security, International Development, and Monetary Policy Subcommittee of the House Financial Services Committee entitled, “Lending in a Crisis: Reviewing the Federal Reserve’s Emergency Lending Powers During the Pandemic and Examining Proposals to Address Future Economic Crises.”

The hearing examined measures taken by the Federal Reserve to bolster the economy and buttress vulnerable financial institutions during the coronavirus pandemic, including lending to facilities that support the corporate and municipal bond markets.  In addition, the Federal Reserve set up systems to purchase loans made to small and mid-sized businesses by establishing the Main Street Lending Program.

“The United States’ economy has faced crises before, and will certainly face crises again,” said Himes. “Our goal for today’s hearing is to learn what lessons we can from the Fed’s response to the pandemic and use that knowledge to increase our preparedness and resiliency for the future.”

Witnesses appearing at the hearing included:

The Honorable Shawn Wooden, Treasurer, State of Connecticut, and President-Elect of the National Association of State Treasurers

Mike Konczal, Director, Macroeconomic Analysis and Progressive Thought, Roosevelt Institute

June Rhee, Director Master of Management Studies in Systemic Risk, Yale School of Management

Claudia Sahm, Senior Fellow, Jain Family Institute

Christopher Russo, Post-Graduate Research Fellow, Mercatus Center

For more information, contact Patrick Malone at Patrick.malone@mail.house.gov. The full bill is attached.