The Chamber continues to call for legislation that would allow the Federal Reserve to establish credit facilities to support employers in securing loans
WASHINGTON, D.C. – Tom Quaadman, Executive Vice President of the U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness (CCMC), released the following statement in support of the Federal Reserve establishing a Commercial Paper Funding Facility (CPFF) using its authority in Section 13(3) of the Federal Reserve Act:
“We are committed to helping American businesses respond to the coronavirus so they can support their employees, customers, and communities. A key component of that is ensuring liquidity in our financial markets. The U.S. Chamber supports the bold action by the Federal Reserve, with the support of the Treasury Secretary, to directly provide liquidity to commercial paper markets through establishing a Commercial Paper Funding Facility. This will allow businesses to access needed cash and provide reassurance to investors. No family and no business should go bankrupt because of the financial hardships caused by the coronavirus.”
The Chamber is calling on the Administration and Congress to take critical steps to support America’s employers during this period. We continue to call on Congress to enact legislation that would allow the Federal Reserve to establish credit facilities to provide loans and loan guarantees to employers with more than 500 employees experiencing significant revenue loss as a result of the coronavirus.