Food Banks beg for help… – Investment Watch

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Ohio’s food banks are struggling to keep shelves stocked amid rising costs and supply-chain disruptions.

But those same issues are pushing even more people to turn to them for help.

Why it matters: More than 1.5 million Ohioans — one in eight of our neighbors — go hungry, according to Feeding America.

See also NY Fed: Banks’ balance-sheet constraints impact MMFs’ investment in ON RRP (as they push excess deposits into affiliated MMFs, causing an increase in the size of the MMF industry ON RRP usage) with banks reduced demand for short-term borrowing causing MMF to replace private repo lending with ON RRP.

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The Ohio Association of Foodbanks says that some banks have been forced into rationing.

State of play: The association’s leaders are now urging lawmakers to spend federal pandemic relief funds or other cash reserves to address the critical need.

Ohio has nearly $2 billion in remaining American Rescue Plan Act funds, they note.
The state’s rainy day fund has an unprecedented $7.4 billion, per a Pew States report.
Food banks are requesting $50 million immediately, plus $133 million in long-term relief to prepare for a recession.

See also Below is a list of the total Commercial Real Estate exposure of the 53 banks with greater than $10 billion in assets where their exposure exceeds 300% of total equity capital. Sixteen have exposures greater than 400% of equity.

www.axios.com/local/columbus/2022/06/22/ohio-association-food-banks-inflation

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