Last-minute fight over the Fed's lending powers is hampering Covid stimulus deal

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A last-minute fight over the Federal Reserve’s lending powers has become the latest hurdle for lawmakers of both parties hoping to pass a $900 billion coronavirus stimulus bill.

Though the atmosphere on Capitol Hill remained upbeat on the odds of a deal, Democrats are criticizing Sen. Pat Toomey, R-Pa., in the hopes he will drop stipulations about a new sticking point: the Fed’s lending programs.

If the Pennsylvania senator’s language is adopted, it would ensure that the incoming administration won’t be able to revive the Fed’s emergency lending programs.



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