Fed rolls out $2.3 trillion plan to stabilize economy

FILE PHOTO: The Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 27, 2019. REUTERS/Brendan McDermid

WASHINGTON (AP) — The Federal Reserve is taking additional steps to provide up to $2.3 trillion in loans to support the economy.

The money will be provided to American households and businesses as well as local governments as they deal with the coronavirus.

The Fed said Thursday among the actions it is taking is the activation of a Main Street Business Lending Program that was authorized by the CARES Act, the largest economic rescue program ever approved by Congress. Federal Reserve Chairman Jerome Powell says the Fed’s role is to “provide as much relief and stability as we can during this period of constrained economic activity.”

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