Guys, I know we do not care about Fed news today. But this 13-3 loan program extension is about to be drama.

A bunch of CARES-backed programs expire 12/31 (the ones buying munis + corporates, Main Street). Some folks seem to assume they'll just be re-upped.

Do not. (1/)

As @vtg2 reports in this nice scoop, Senator Toomey -- who is on the oversight commission policing these things, and who could soon be Senate Banking Chair -- wants to wind these babies down.
https://www.politico.com/news/2020/11/05/toomey-calls-fed-special-loan-programs-end-434485

What's more? He's taking the stance that Treasury and the Fed need Congress' approval for them to make any new loans/purchases after 12/31, according to a person familiar.

Democrats *definitely* disagree. This is from an 11/5 letter from Warner, Warren Schumer and Brown letter to Treasury Sec. Mnuchin and Fed Chair Powell.

Both @grobb2000 and I asked Chair Powell about this issue yesterday. He said he and Sec. Mnuchin are just starting to chat about the extension.

Stay tuned, but this is a story to watch headed into the end of the year. @arappeport and I will have more on it next week.