Landmark U.S. law seeking to counter coronavirus macroeconomic effects authorizes $500 billion in direct Treasury funding on its own and, in concert with the Federal Reserve, as much as $4.5 trillion in Fed facilities backing liquidity for businesses and state/local governments.  Programs for non-profits and mid-sized businesses are also possible.  Prior to enactment, the Fed in fact established several innovative facilities that it once would have viewed as far beyond its statutory authority (e.g., the facility making direct extensions of corporate credit).

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