Yale School of Management

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President-Elect Joe Biden Releases $1.9 Trillion American Rescue Plan

January 19, 2021
On January 14, President-elect Joseph Biden released a $1.9 trillion rescue plan that would provide significant assistance to individuals and families, states and localities, schools and universities, and small businesses. The proposal specifically calls for additional direct payments to households, a permanent increase of the federal minimum wage to $15 an hour, extended unemployment insurance benefits, tax relief for households, $350 billion in state and local government aid, $170 billion to schools and universities, $70 billion for COVID testing and vaccine program, and $50 billion for small businesses.  Continue reading “President-Elect Joe Biden Releases $1.9 Trillion American Rescue Plan”

How Available Is the ESF for New Fed Facilities?

January 12, 2021
When Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act on March 27, 2020, it allocated $500 billion to the Exchange Stabilization Fund (ESF), $454 billion of which was for the Treasury Secretary to support Federal Reserve lending facilities. The Secretary committed $195 billion of these funds to provide credit support to some of the programs the Fed set up under its Section 13(3) emergency lending authority. The Consolidated Appropriations Act, 2021 signed into law on December 27 definitively closed these facilities and rescinded funds “not needed to meet the commitments, as of January 9, 2021, of the programs and facilities established.” Continue reading “How Available Is the ESF for New Fed Facilities?”

President-Elect Joe Biden Releases $1.9 Trillion American Rescue Plan

January 19, 2021
On January 14, President-elect Joseph Biden released a $1.9 trillion rescue plan that would provide significant assistance to individuals and families, states and localities, schools and universities, and small businesses. The proposal specifically calls for additional direct payments to households, a permanent increase of the federal minimum wage to $15 an hour, extended unemployment insurance benefits, tax relief for households, $350 billion in state and local government aid, $170 billion to schools and universities, $70 billion for COVID testing and vaccine program, and $50 billion for small businesses.  Continue reading “President-Elect Joe Biden Releases $1.9 Trillion American Rescue Plan”

How Available Is the ESF for New Fed Facilities?

January 12, 2021
When Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act on March 27, 2020, it allocated $500 billion to the Exchange Stabilization Fund (ESF), $454 billion of which was for the Treasury Secretary to support Federal Reserve lending facilities. The Secretary committed $195 billion of these funds to provide credit support to some of the programs the Fed set up under its Section 13(3) emergency lending authority. The Consolidated Appropriations Act, 2021 signed into law on December 27 definitively closed these facilities and rescinded funds “not needed to meet the commitments, as of January 9, 2021, of the programs and facilities established.” Continue reading “How Available Is the ESF for New Fed Facilities?”