Members of the Commission—Representative Hill, Commissioner Ramamurti, Representative Shalala, and Senator Toomey—thank you for the opportunity to speak with you about the Federal Reserve's Municipal Liquidity Facility (MLF), a facility authorized by the Board of Governors of the Federal Reserve System (Board) under section 13(3) of the Federal Reserve Act, with the approval of the Secretary of the Treasury. As you know, the U.S. Department of the Treasury (Treasury) has committed $35 billion of credit protection to the Federal Reserve for the facility using funds appropriated by the Coronavirus Aid, Relief, and ... (full story)