J. PowellL is now less helpful than yesterday as Lawmakers reach compromise over GOP proposal to rein in Fed’s powers, clearing path for a stimulus package deal.

“The compromise will sweep out the $429 billion in unspent CARES Act funding for the Federal Reserve’s credit lending facilities and repurpose it as an offset for a new $900 billion coronavirus relief bill, GOP sources said.

The deal will close four Federal Reserve credit lending facilities created by the CARES Act and will prevent the Fed from standing up replica facilities in the future without congressional approval.

Those four programs include the primary market corporate credit facility, the secondary market corporate credit facility, the Main Street lending program and the municipal credit facility.

The Fed will retain more flexibility over restarting the Term Asset-Backed Securities Loan Facility.”

Lawmakers reach compromise over GOP proposal to rein in Fed’s powers, clearing path for a stimulus package deal