Federal Reserve Vice Chairman for Supervision Randal Quarles addresses the Economic Club of New York in New York City, October 18, 2018.
Brendan McDermid | Reuters
The Federal Reserve Main Street lending program targeting mid-size businesses should be up and running in a few weeks, a senior central bank official said Friday.
Vice Chairman Randal Quarles, the Fed’s chief banking supervisor, said the facility should be available shortly as officials continue to work out operational details.
“We are putting together the mechanisms for that credit to be distributed through the banks,” Quarles said during a webinar hosted by the University of Utah. “That’s probably two to three weeks away.”
The Fed announced details of the program Thursday, with the expectations that it can provide up to $600 billion in loans for companies with up to 10,000 employees.