Fed announces $2.3 trillion in additional lending

National
Jerome Powell

FILE – In this Tuesday, March 3, 2020 file photo, Federal Reserve Chair Jerome Powell pauses during a news conference to discuss an announcement from the Federal Open Market Committee, in Washington. In a series of sweeping steps, the U.S. Federal Reserve will lend to small and large businesses and local governments as well as extend its bond buying programs. The announcement Monday, March 23 is part of the Fed’s ongoing efforts to support the flow of credit through an economy ravaged by the viral outbreak. (AP Photo/Jacquelyn Martin, File)

WASHINGTON (AP) — The Federal Reserve is taking additional steps to provide up to $2.3 trillion in loans to support American households and businesses, as well as local governments, as they deal with the coronavirus.

The Fed said Thursday that it is activating a Main Street Lending Program authorized by the $2.3 trillion economic relief bill pass by Congress last month.

Federal Reserve Chairman Jerome Powell said the Fed’s role was to “provide as much relief and stability as we can during this period of constrained economic activity.”

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