Fed's Powell says new lending programs to launch by June 1

Christopher Rugaber and Martin Crutsinger

AP Economics Writers

Federal Reserve Chair Jerome Powell said Tuesday, May 19, that the Fed's lending programs for medium-sized businesses and state and local governments would begin operating by the end of this month.

Powell said that while the Fed has received a "good deal of interest" in those programs, if not enough companies or state and local governments seek to borrow the Fed would consider changes to them. It could include expanding their eligibility.

The chairman's comments came before the Senate Banking, Housing and Urban Affairs Committee, w...