Filed Under: Main Street Lending Program
News, analysis, and data about the bailout.
Congressional Oversight Commission: Sixth Report
In its sixth report, the Commission provides updates on government lending programs, and asks for more disclosure transparency from the Fed.
Fed-backed loans to fossil fuels jump
Oil and gas fought for looser lending terms so more of them could tap the Fed’s Main Street Lending Program. New data show their lobbying paid off.
Main Street Lending Program Loan Recipients
Federal Reserve purchases of loans to oil and gas companies exploded in December, increasing by $1.12 billion and continuing the MSLP's disproportionately favorable support of fossil fuels. Companies rushed to take advantage of the lending program before its sunset at the end of 2020. Nearly 13% of the loans purchased by the Main Street Lending Program were issued to fossl fuels, compared to just 1% for clean energy. As of December 31st, outstanding loans to oil and gas companies totaled $2.22 billion.
Congressional Oversight Commission: Fourth Report
In its fourth report, the Commission makes recommendations on the implementation of the Main Street Lending Program, which had so far issued loans totaling only $496.8 million.
Anadarko CEO ensnared in fraud lawsuit, bipartisan talks may resume after GOP bill fails, and more
Daily stimulus and recovery news headlines from September 10, 2020.
U.S. spends the most stimulus but smallest share on green energy, Senate GOP stimulus bill would pull Cares Act funds from Fed, and more
Daily stimulus and recovery news headlines from September 9, 2020.
A Hundred Years of Bailouts
Coronavirus lifts the curtain on Big Oil’s other big lie: that it can succeed in the “free market.”
Exxon Booted, Demystifying America's Bailout, and More
Daily stimulus and recovery news headlines from August 25, 2020.
More layoffs, pending backcruptcies, lessons from 2009 recovery, and more
Daily stimulus and recovery news headlines from August 24, 2020.