Some in Congress wanted to bail out near bankrupt and profligate states/municipalities, Sen. Toomey (R-PA) made this much harder
(From Marketwatch)
… [ Senator Pat] Toomey [ R-Pa] said he became aware that Democrats saw a loophole in the CARES Act and were going to expand the Fed’s municipal lending program and “command” the central bank to make long-term, low-interest-rate loans to [near bankrupt Democratic run] states and local governments….
Toomey maintained the compromise [ that passed] met his original goal. If House Democrats want the Fed to expand its purchases of municipal securities, it must be approved by Congress.
This article was originally posted here: https://www.ac2news.com/2020/12/some-in-congress-wanted-to-bail-out-near-bankrupt-and-profligate-states-municipalities-sen-toomey-r-pa-made-this-much-harder/.
