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In response to the financial turmoil caused by the coronavirus
disease 2019 (COVID-19), the Fed reopened four of these
broadly-based programs and created two new ones in 2020. Treasury
pledged $50 billion of assets from the Exchange Stabilization Fund
(ESF) to protect the Fed against losses in most of these programs.
H.R. 748, referred to by some as the "third coronavirus stimulus"
bill, was passed by the Senate on March 25, 2020. The bill would
provide between $454 billion and $500 billion to support Fed
liquidity facilities. The bill states that applicable requirements
of Section 13(3) shall apply to these facilities. Credit
outstanding (extended in the form of cash or securities) authorized
by Section 13(3) peaked at $710 billion in November 2008. All
credit extended under Section 13(3) during the financial crisis was
repaid with interest. Contrary to popular belief, the Fed earned
profits of more than $30 billion and did not suffer any losses on
transactions authorized by Section 13(3).
President Trump's budget request for FY2020 included approximately
$134.1 billion for research and development (R&D). Several
FY2019 appropriations bills had not been enacted at the time the
President's FY2020 budget was prepared; therefore, the President's
budget included the FY2018 actual funding levels, 2019 annualized
continuing resolution (CR) levels, and the FY2020 request levels.
On February 15, 2019, Congress enacted the Consolidated
Appropriations Act, 2019 (P.L. 116-6). This act included each of
the remaining appropriations acts, completing the FY2019
appropriations process. The act also rendered the CR levels
identified in the budget no longer relevant, though for some
agencies the exact amount of R&D funding in the act remained
uncertain. The analysis of government-wide R&D funding in this
report compares the President's request for FY2020 to the FY2018
level.
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