The Federal Reserve has launched an array of emergency lending facilities to help the US economy during the virus lock-down, including one for municipalities that could support up to US$500bil of assistance to states and big cities.
AUSTIN: As pandemic-plagued state and local economies start to feel the effects of vanishing tax revenue, officials like Texas Comptroller Glenn Hegar are trying to figure out how to build the mechanisms that can get cash from the US central bank to all the places in need.
The Federal Reserve has launched an array of emergency lending facilities to help the US economy during the virus lock-down, including one for municipalities that could support up to US$500bil of assistance to states and big cities. But the rules are strict: only cities with a population of more than one million, or counties with more than two million inhabitants, are eligible.
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