This is the complete list of President Trump's accomplishments over his four years in office originally posted at WhiteHouse.gov and archived here because of the likelihood that the Biden Administration will remove it.
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On December 27, 2020, the President signed into law the Consolidated Appropriations Act, 2021.
1 Title X of Division N of that law ( Title X ) contains several provisions that change the authority of the Board of Governors of the Federal Reserve System (the Federal Reserve ) to extend credit or purchase assets under Section 13(3) of the Federal Reserve Act (the FRA ).
2 This provision was inserted into the bill by Senator Patrick Toomey of Pennsylvania, who believed that the Federal Reserve s programs initiated under Section 13(3) and funded under the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act )
3 should be permanently discontinued and made unable to be restarted.
The Impact Of The Pandemic And The Feds Muni Program On Illinois Muni Yields
We estimate a simple model in which variations in Illinois daily municipal bond yields are explained by high-frequency indicators summarizing economic and public health conditions in Illinois, as well as key changes in the Federal Reserve’s Municipal Liquidity Facility (or MLF). We find that the MLF appears to have reduced Illinois muni yields by more than 200 basis points.
The Covid-19 pandemic put finances of states and municipalities across the country under severe stress. This stress derived both from reductions in revenues associated with lower economic activity and increased demands on public health and social safety measures. State and local governments have received substantial federal support through the CARES Act. They have arguably also benefited from the establishment of the Federal Reserve’s Municipal Liquidity Facility (MLF) - announced on April 9 to address the liquidity needs of municip