Fed vows transparency in providing details on support

WASHINGTON (AP) — The Federal Reserve said Tuesday that each month it will publish the names of borrowers from two of the programs it has established to support the economy during the coronavirus pandemic.

The Fed said it will disclose details on the amounts of support being provided for its Term Asset-Backed Securities Loan Facility and its Paycheck Protection Liquidity Facility.

The central bank said it would disclose the name of each borrower in both facilities, the amounts borrowed, the interest rate charged and the value of pledged collateral. In addition, the Fed said it would provide data on the overall costs, revenues and fees for each program.

“The Federal Reserve remains committed to providing the public and Congress with detailed information about our efforts to support households and businesses during this unprecedented time,” Fed Chairman Jerome Powell said in a statement.

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The Fed has rolled out a number of programs in the past two months designed to keep credit flowing in the financial system as the economy is hit by millions of job losses and widespread shutdowns.

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