{"database": "press", "table": "releases", "rows": [["https://www.toomey.senate.gov/newsroom/press-releases/12/01/2020/toomey-intended-purpose-of-cares-act-lending-facilities-has-been-achieved", "Toomey: Intended Purpose of CARES Act Lending Facilities Has Been Achieved", "2020-12-01", "2020", "2020-12", "Republican", "House", "PA", "Patrick Toomey", "T000461", "www.toomey.senate.gov", null, null, "legacy", "Washington, D.C.  At today's Senate Banking\r\nCommittee hearing, U.S. Senator Pat Toomey (R-Pa.) applauded Treasury Secretary\r\nSteven Mnuchin and Federal Reserve Chairman Jerome Powell for shutting down the\r\nremarkably successful CARES Act's temporary emergency lending facilities\r\nby year-end, as Congress and the law requires.  During the hearing, Senator Toomey said:  I want to applaud Secretary\r\nMnuchin for closing the 13(3) facilities by year-end, exactly as the law\r\nrequires, and as Congress clearly intended. I want to thank Chairman Powell for\r\nreturning the unused CARES funds back to the treasury.   The fact is Congress\r\nentrusted both of you with some extremely powerful, unprecedented emergency,\r\nand yet temporary, tools. And I commend you for working together to deploy\r\nthose tools for their intended purposes, and then putting them away now that\r\nthat specific purpose has been achieved.   I also think it's important to underscore\r\nhow remarkably successful these facilities were in achieving that intended\r\npurpose of stabilizing credit markets and restoring the flow of private credit.\r\nIn fact, it worked better than, I think, most of us even thought possible. Markets\r\ndidn't just improve, they didn't just restore liquidity, but we reached record\r\nvolumes of debt issuance, we did so at low spreads, low yields, affordable\r\ninterest rates, regional banks extended credit to their customers, and\r\naccording to business surveys, unmet demand for credit among credit-worthy\r\nborrowers is almost non-existent.   So, let's be clear. These\r\nfacilities were designed for a very specific purpose, they achieved that\r\npurpose more successfully than we could have reasonably hoped, and we should\r\nnot use them to morph into some other purpose, like as a supplement and or\r\ncompliment to fiscal policy. You can watch Senator Toomey's full remarks here.", 1, "2026-03-30T12:14:52Z", "2026-03-30T12:14:52Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://www.toomey.senate.gov/newsroom/press-releases/12/01/2020/toomey-intended-purpose-of-cares-act-lending-facilities-has-been-achieved"], "units": {}, "query_ms": 2.100572921335697, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}