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The United States Federal Reserve wants to play more open cards in the fight against the crown crisis in granting its multi-million dollar credit aid than during the financial crisis. For this purpose, the details should be released at least once a month, whoever borrowed how much announced them Thursday. The Federal Reserve is for “transparency and accountability,” said President Jerome Powell.
The central bank had announced a $ 2.3 trillion program that businesses, states and counties could access to help tackle the pandemic. The transparency offensive just announced marks a departure from the lack of transparency that the Fed operated during the 2007-2009 financial crisis. At the time, she declined to give the names of the borrowers, for fear of scaring shareholders. Details were only released after the so-called Dodd-Frank Act of 2010 forced the central bank to publish it.
However, in some areas, the Federal Reserve wants to maintain “confidentiality”, such as “certain” money market transactions. This should avoid stigmatization that could prevent companies from doing business when necessary, the Fed said.
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