The Committee’s report presents a data-based overview and analysis of key U.S. government interventions deployed in response to the COVID-19 pandemic to stabilize financial markets and support the provision of credit to the real economy.

We find that the U.S. Treasury Department and Federal Reserve lending facilities were successful at stabilizing the U.S. financial system and capital markets. However, the Main Street Lending Program was unsuccessful at addressing the funding needs of small and medium-sized U.S. businesses (SMEs). And although we commend the recent enactment of a new $284.45 billion Paycheck Protection Program (PPP) for SMEs, we believe that U.S. SMEs without access to the new PPP may need additional government support.

Our report includes three parts. Part I provides an overview and analysis of U.S. Treasury and Federal Reserve programs to support the financial system, including primary dealers, money markets, securitized debt and large U.S. companies. Part II provides an overview and assessment of U.S. Treasury and Federal Reserve programs to support U.S. SMEs. Part III briefly describes the state of the U.S. Treasury and Federal Reserve lending facilities, the new Coronavirus relief legislation, ongoing economic challenges and sets forth our recommendation.

The full report can be found here.