Toomey told reporters he was motivated to secure legislative language that would bar the Fed from reviving the corporate credit, municipal liquidity and Main Street lending programs because he feared Democrats would push to subsidize credit more generously if allowed to do so.
The whole fight over the last 24 hours came down to the actual technical language to achieve this goal. Toomey conceded his first pass at the language late last week might have been "too broad" by limiting activities that he didn't intend to constrain.
The compromise is designed to ensure the Biden administration and the Powell Fed cannot restart the programs "by creating a clone and calling it something different" without congressional authorization. "These programs were never intended to hang around indefinitely."
Q: Does his concerns re: Dems' desires to repurpose the facilities infer a lack of trust in Yellen & Powell to properly use them?
Toomey: "It's not like I'm criticizing the character of Janet Yellen." House Ds wanted to do something totally different, and Biden might agree.
Toomey: "It's not like I'm criticizing the character of Janet Yellen." House Ds wanted to do something totally different, and Biden might agree.
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