A member of the Congressional Oversight Commission says so far, the Federal Reserve and and Treasury Department have propped up the stock market, but have failed to protect workers’ jobs amid the coronavirus pandemic.
Bharat Ramamurti was the first member appointed to the commission — a group created in the CARES Act to oversee the $500 billion Congress gave to the Fed and Treasury to stabilize the U.S. economy.
The Federal Reserve has opened up nine facilities to backstop various financial markets, many with the help of the U.S. Treasury. But the Fed still has yet to stand up a taxpayer-supported facility that would offer cheap loans to medium and large businesses to bridge them through the coronavirus crisis. Fed Chairman Jerome Powell said last week that its Main Street Lending Program, which will be open to businesses with under 15,000 employees or less than $5 billion in annual revenue,