FILE PHOTO: Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 19, 2019. REUTERS/Leah Millis
It asked for public feedback and got plenty. Correspondence poured in from a diverse cross-section of Americans reeling economically and in need of funds to tide them over. The Fed incorporated some of the suggestions into the planned program, which launched in mid-June but had yet to make a loan as of last week.
It paints a picture of a central bank, which once closely guarded its secrets, newly open to public feedback and willing to respond by reshaping its policies. Many groups pleaded with the Fed to allow nonprofits access to the program. In tweaking the program, the Fed ultimately lowered the minimum loan threshold to $250,000. It also released a proposal to allow nonprofits to borrow alongside private companies.
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