NEW YORK (Reuters) – A Congressional panel tasked with overseeing the implementation of some coronavirus aid programs urged the Federal Reserve and Treasury to take more risk with taxpayer dollars and increase outreach efforts to deliver more aid to small and medium-sized businesses struggling because of the pandemic.
The panel’s recommendations centered around the Main Street Lending Program, which has seen modest use since launching in July.
The report released on Friday included a suggestion the Fed consider using more of its regional banks, not just Boston, to improve operation of the program.
The panel also said the Fed and Treasury should explore whether the Main Street program should offer asset-based loans to help businesses that have collateral.
(Reporting by Jonnelle Marte; Editing by Chris Reese)
