Weekly COVID-19 Oversight & Enforcement Report - November 2020 #3

The Congressional Oversight Commission issued a statement on the Secondary Market Corporate Credit Facility (SMCCF), noting that the SMCCF “is still purchasing approximately $20 million worth of corporate bonds per day. The Commission reiterates its October 15 recommendation that the SMCCF cease making purchases at this time. Given the Federal Reserve’s success in buoying corporate bond markets, and recognizing that primary market investment-grade corporate bond rates are now below pre-pandemic levels, the Commission does not believe that further secondary market corporate bond purchases through the SMCCF are necessary.”

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