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The Federal Reserve’s decision to release monthly reports on its emergency lending program is a “very good first step,” according to a member of the watchdog commission that will oversee the federal government’s response to the coronavirus pandemic.
In a post on Twitter, Bharat Ramamurti, a former top aide to Sen. Elizabeth Warren, the Democrat from Massachusetts, also said the Fed’s plan is a “significant victory” for the American public.
Earlier Thursday, the Fed announced it would provide information on a monthly basis on which companies are getting support from the central bank under the CARES Act passed by Congress earlier this month. The information will include the company name, the size of the loan and the interest rate, and the costs and revenues and fees.
Fed Chairman Jerome Powell said the central bank was committed to transparency and accountability on the support for the economy “during this difficult time.”
