As just about every bank CEOs has told me in recent weeks, the government’s Main Street loan program is not effective. It has the capability to support $600 billion in loans to companies with fewer than 15,000 employees and revenues less than $5 billion. However, only $1.1 billion in loans have been made, with not a single loan in 25 states and not a single loan made by the big four: JPMorgan, Bank of America, Wells Fargo, and Citigroup. Talk about a dud. The program should be gracefully shut down.
It’s Time to Shut Down the Main Street Lending Program
By Thomas K. Brown,
As just about every bank CEOs has told me in recent weeks, the government’s Main Street loan program is not effective. It has the capability to support $600 billion in loans to companies with fewer than 15,000 employees and revenues less than $5 billion. However, only $1.1 billion in loans have been made, with not a single loan in 25 states and not a single loan made by the big four: JPMorgan, Bank of America, Wells Fargo, and Citigroup. Talk about a dud. The program should be gracefully shut down.