Chicago Federal Reserve President Charles Evans expressed disappoint in the Treasury Department’s decision to end several lending programs implemented during the coronavirus pandemic.
Speaking a day after Treasury Secretary Steven Mnuchin said the programs would not continue past their end-of-year deadline, Evans told CNBC that the facilities provide an important function.
“I think our 13(3) facilities have been very helpful. They perform a backstop role for when markets find themselves in a more challenged situation,” he told CNBC’s Steve Liesman during a “Squawk Box” interview. “I think that backstop role might be important for quite some time, so it’s disappointing.”
Evans’ comments referenced the section of the Federal Reserve Act under which the emergency programs were created.
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