Written by MARTIN CRUTSINGER-AP Economics Writer
(AP) — The Federal Reserve said Thursday that it will provide monthly reports on several of its economic rescue programs supported by the $2 trillion rescue program passed by Congress.
The central bank is “committed to transparency and accountability by providing the public and Congress detailed information about our actions to support the economy during this difficult time,” Federal Reserve Chair Jerome Powell said.
The Fed said that it will supply the names and details about participants in the programs. It will also disclose the amounts borrowed and the interest rates being charged on the loans, as well as the Fed programs’ overall costs, revenues and fees.
The rescue effort has come under criticism after disclosures that some major publicly traded companies had obtained forgivable loans from the government’s Paycheck Protection Program. The program quickly ran out of money, leaving many small and mid-size companies unable to obtain the loans.
Congress is moving to pass legislation providing more support for the program and Treasury has said it will seek to get some companies to give back the support they received.
The House, meanwhile, voted Thursday to create a new subcommittee that will track the aid. The House Oversight and Reform subcommittee will supplement the work of other watchdogs, including a committee of inspectors general, a congressional panel of experts and a special Treasury Department official.