FEDERALhearing transcript

High Impact

Congressional Oversight Hearing on the Municipal Liquidity Facility

Original title: EXAMINATION OF THE MUNICIPAL LIQUIDITY FACILITY ESTABLISHED BY THE FEDERAL. RESERVE PURSUANT TO THE CARES ACT

January 1, 2022

CARES Act Municipal Liquidity Facility Federal Reserve government finance economic oversight

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The Frame

What this does

The hearing provides oversight on how the Federal Reserve manages a $500 billion lending program intended to help state and local governments maintain financial stability during the pandemic.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

State and local governments

These entities are eligible to receive loans from the $500 billion Municipal Liquidity Facility.

U.S. Department of the Treasury

The Treasury Department is responsible for the implementation of the CARES Act provisions alongside the Federal Reserve.

What changed

Last recorded activity January 1, 2022.

What's next

Next step not available in the current record.

Summary

This document is a transcript of a Congressional Oversight Commission hearing held on September 17, 2020. The hearing examined the Federal Reserve's Municipal Facility, a program created under the CARES Act to provide up to $500 billion in loans to state and local governments during the COVID-19 pandemic.

Key Facts

The Municipal Liquidity Facility was established by the Federal Reserve to provide up to $500 billion in lending to state and local governments.
The program was created pursuant to Division A, Title IV, Subtitle A of the CARES Act.
The hearing took place on September 17, 2020, in the Dirksen Senate Office Building.
The purpose of the facility is to provide liquidity to state and local governments related to losses incurred due to the coronavirus.
The hearing included testimony from representatives of the Federal Reserve, the Metropolitan Transportation Authority, and the Government Finance Officers Association.

Frequently Asked Questions

What is the Municipal Liquidity Facility?

It is a program established by the Federal Reserve to provide up to $500 billion in loans to state and local governments to help them manage financial losses caused by the COVID-19 pandemic.

Who oversees the implementation of this program?

The Congressional Oversight Commission is responsible for overseeing the implementation of the CARES Act, including this facility.

Why It Matters

The hearing provides oversight on how the Federal Reserve manages a $500 billion lending program intended to help state and local governments maintain financial stability during the pandemic.

News Coverage

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Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift90% confidence

Federal intervention in local finance

The document highlights the unprecedented scale of federal involvement in local government debt markets during the 2020 pandemic.

Federal Reserve Municipal Liquidity Facility

Connected Entities

personDonna E. Shalala“Acting Chairman of the Congressional Oversight Commission.”Map →

organizationCongressional Oversight Commission“The body responsible for overseeing the implementation of the CARES Act.”Map →

organizationFederal Reserve“The entity that established the Municipal Liquidity Facility.”Map →

personKent Hiteshew“Deputy Associate Director of the Division of Financial Stability at the Federal ”Map →

Sources

Open source document

www.govinfo.gov

Analysis Score

0–100

Significance80
How much this matters to a regular citizen
Controversy40
Intensity of disagreement among stakeholders
Entertainment10
Compellingness for a non-policy-wonk reader
Buzz20
Current news / social attention level

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