Weekly COVID-19 Oversight & Enforcement Report - August 2020 #2

The Congressional Oversight Commission held its first hearing on August 7, focusing on the Federal Reserve’s $600 billion Main Street Lending Program. Commission members were critical of the program, with Democrat Bharat Ramamurti stating, “By any measure, the Main Street program has been a failure.” Witnesses and members decried the pace of lending under the program. According to press reports, only about $581 million in loans have been issued to date, compared with $523.4 billion under the PPP.

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