November 19, 2020

Crapo Statement on Emergency Lending Facilities

WASHINGTON, D.C. – U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, issued the following statement agreeing with U.S. Treasury Secretary Steven T. Mnuchin on the status of the 13)3 facilities that have utilized funding provided under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.


“I agree with Secretary Mnuchin’s analysis of the success of the 13(3) facilities and the termination language of the CARES Act.  Returning the unused $455 billion to the Treasury allows those funds to be re-appropriated for other uses, such as reducing our national debt, or providing additional targeted relief to sectors of the economy most in need.  Since the announcement of the backstop facilities, markets have stabilized, liquidity has improved and credit has flowed more freely.  More than $1 trillion in new nonfinancial corporate bonds and more than $250 billion in municipal debt has been issued, almost entirely by the private sector.”