This story appeared in Bank Digest.
Rep. Rashida Tlaib (D-Mich) has sent a letter to Fed Chair Jerome Powell requesting clarity on why the Fed is financially “propping up firms that endanger the health of Americans, while failing to sufficiently help cities and municipalities in dire need.” She referenced a report released by the House Select Committee on the Coronavirus showing that the Fed’s Secondary Market Corporate Credit Facility (SMCCF) portfolio included the bonds of 95 companies that paid out dividends to their shareholders even as the companies laid off everyday workers, including $15 million worth of Marathon Petroleum corporate bonds. Rep. Tlaib states that this stance is incongruous with the Fed's mandate to maximize employment.