Names, amounts, rates charged, costs, revenues, fees and more information from those participating in financial facilities developed in response to the coronavirus crisis will be made public by the Federal Reserve, the agency said Thursday.
According to the Fed, it will release information monthly including:
- Names and details of participants in each facility;
- Amounts borrowed and interest rate charged; and
- Overall costs, revenues, and fees for each facility.
Since the start of the coronavirus crisis in March, the Fed has developed five separate programs to help different groups cope with the crisis: The Paycheck Protection Program Liquidity Facility (PPPLF), the Main Street Lending Program, the expanded Term Asset-Backed Securities Loan Facility (TALF), the Municipal Liquidity Facility (MLF), and the Primary and Secondary Market Corporate Credit Facilities.
The Fed said that the new reporting will apply to all of its facilities. The reports will be posted on the agency’s website every 30 days “and without redactions,” the Fed stated.
Under the law, the Fed is already required to provide this information it listed Thursday to the chairs of the Senate Banking and House Financial Services Committee; the public release is a step beyond that.
“The Federal Reserve 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,” Chair Jerome H. Powell said.
However, not all information related to facility use will be released. The Fed will not provide real-time public disclosures on three facilities designed to support short-term funding markets: the primary dealer credit facility, the commercial paper funding facility, and the money market mutual fund lending facility. The Fed is holding that information (for now) out of concern of stigmatizing organizations that apply to use the facilities.
Ultimately, all of the information will be released, as the Fed is required to disclose everything publicly one year after the facilities close.
The public release will not include information about PPP borrowers.
Federal Reserve Board outlines the extensive and timely public information it will make available regarding its programs to support the flow of credit to households and businesses and thereby foster economic recovery