Schumer urges Fed's Powell to open loan programs to nonprofits, local governments

U.S. Senate Democratic leader Chuck Schumer said he had urged Federal Reserve Chairman Jerome Powell in a phone call on Monday to open Fed's Main Street Lending program to nonprofits and local governments. In a statement, Schumer said Powell "indicated to me that the Fed is actively working on solutions, and nonprofits will very likely be included."

Schumer also said Powell "assured me that the Fed was similarly working to make the program directly accessible to more cities and counties."