Senators Form Deal On Federal Powers

Senate Minority Leader Charles Schumer and Sen. Pat Toomey have reached agreement on the Federal Reserve’s special lending authorities.

Republicans sent word to Schumer that they would resolve the dispute over the Federal Reserve’s lending facilities.

The compromise will sweep out the $429 billion in unspent CARES Act funding for the Federal Reserve’s credit lending facilities.

A senior Democratic aide stated that Toomey “has agreed to drop the broad language in his proposal that would have prevented the Fed Chair from establishing similar facilities in the future to the ones created in March.”

“Compromise language is being finalized and, now that this obstacle has been cleared, a final agreement on an emergency relief package is significantly closer,” the Democratic aide said.

Sources: The New York Times, Fox News and Newsmax; Photo: flipboard.com

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