Washington, D.C. – U.S. Senator Pat Toomey (R-Pa.) issued the following statement about legislative language regarding the CARES Act’s temporary, emergency lending facilities:

“The language Senate Republicans are advocating for affects a very narrow universe of lending facilities and is emphatically not a broad overhaul of the Federal Reserve’s emergency lending authority. Our language, which largely mirrors what has been publicly available since September, ensures, as the CARES Act intended, that the five facilities that received CARES Act money expire at the end of the year and cannot be re-started or duplicated without authorization by Congress. Any statement to the contrary is inaccurate.”