Allentown, Pa. – U.S. Senator Pat Toomey (R-Pa.) issued the following statement regarding Federal Reserve Chairman Jerome Powell announcing that the Fed will return unused CARES Act funding to the Treasury:

“I appreciate Federal Reserve Chairman Jerome Powell agreeing to return unused CARES Act funds as part of the statutorily prescribed wind down of the emergency lending facilities. The work Chairman Powell and Treasury Secretary Steven Mnuchin did standing these facilities up – under extraordinary circumstances – was enormously successful in stabilizing and normalizing credit markets. Their work has led to record levels of credit availability across the economy.”