US Authorities Asked the Fed to Expand Lending to Help the Oil Industry
OREANDA-NEWS. The administration of US President Donald Trump, in order to help oil companies overcome the consequences of falling oil prices, asked the Federal Reserve System (Fed) to modify its business lending programme named Main Street to cover more medium-sized entities.
This was reported by Bloomberg agency, citing US Energy Secretary Dan Brouillette. The latter noted that Treasury Secretary Steven Mnuchin worked very closely with the Fed over this issue.
According to Brouillette, Trump instructed him and Mnuchin to evaluate the programmes that were adopted by the Congress and provide access to them for the energy industries. So we did, the Energy Secretary added.Currently, the Main Street programme, which the US Fed has not yet launched, offers loans for enterprises with up to 15 thousand employees or annual revenues of up to 5 billion dollars.