Coronavirus: Fed to extend pandemic emergency lending programs through March 31

Federal Reserve Board Chairman Jerome Powell testifies during a Senate Banking Committee hearing on Capitol Hill on September 24, 2020 in Washington, DC. (File photo: AFP)

The Federal Reserve said Monday it has extended several pandemic emergency lending programs through March 31, with approval from the US Treasury Department.

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The announcement marked an about face after Treasury Secretary Steven Mnuchin last week said the programs should be allowed to lapse as planned on December 31.

The Fed protested the decision in a rare public statement, saying the programs provided an important “backstop for our still-strained and vulnerable economy.”

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Last Update: Monday, 30 November 2020 KSA 18:02 - GMT 15:02