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As the United States plunges into the worst economic downturn in decades, there is growing concern that the Federal Reserve and the Treasury are being too timid and halting in their approach as they scramble to rescue the economy.
On Monday, a report from the congressional commission overseeing the Fed and Treasury’s efforts pointed out that most of the $500 billion that Congress allocated in March to the Treasury to support businesses and local governments had yet to be used and raised questions about how the rescue programs would work. The Treasury Department has yet to extend any of the $46 billion it was given to support airlines and national security-related companies and the Fed, whose newer and riskier lending programs are meant to be backstopped with the remaining $454 billion, has just one such program underway.