But the apparent compromise, following discussions between Toomey and Senate Minority Leader Chuck Schumer, D-N.Y., appeared to open a path to a final agreement on the coronavirus package. "Senate Republicans achieved all four of our objectives regarding the CARES Act 13(3) Federal Reserve lending programs. "This agreement will preserve Fed independence and prevent Democrats from hijacking these programs for political and social policy purposes." But Democrats have said Toomey’s language, which would prevent the credit lending programs from being restarted or duplicated "without congressional consent," would undermine the Federal Reserve’s emergency lending authority. "It would completely politicize the Fed, it would be the end of the independence of the Fed," Toomey said from the Senate floor Saturday.

Source: Fox News December 19, 2020 21:42 UTC