As lawmakers debate whether to extend the Federal Reserve’s emergency loan programs, Congressional Oversight Commissioners are divided on the issue. The New York Times reported that Commissioner Senator Pat Toomey (R-PA) is arguing that the Federal Reserve and Treasury do not have the authority to extend the programs beyond this year without congressional approval, but Commissioner Bharat Ramamurti said, “It’s clear that the Fed and the Treasury have the authority to extend the facilities, and they should. There is continuing need for municipalities and smaller businesses, and there is a significant chance of market disruption if these facilities are not extended.”
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