(Bloomberg) -- The U.S. central bank said it will disclose information regarding borrowers who seek emergency aid through its forthcoming corporate credit facilities.
“The Federal Reserve will publicly disclose information regarding the CCFs during the operation of the facilities, including information regarding participants, transaction amounts, costs, revenues and other fees,” according to a frequently-asked-questions page posted Friday on the New York Fed's website.
Congress allocated $454 billion to backstop Fed lending that could expand to as much as ten times that amount in the $2.2 trillion virus relief bill signed into law by President Donald Trump in March. The central bank has faced congressional pressure related to disclosures.
Earlier Friday, a New York Fed executive said the central bank was actively exploring ways to be transparent with the programs, which have been announced but aren't yet operational.
“We know that transparency will be key to sustaining public confidence in our efforts. What does this mean in practice?” Daleep Singh, who runs the New York Fed's markets group, said in remarks prepared for a virtual speech. “It means that we actively explore ways to go beyond what's required by legislation and pro-actively report on the usage of the facilities as much as possible, subject to meeting our policy objectives.”
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