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The New York mayor's move reflects a nationwide response to protesters in the aftermath of the death of George Floyd.

The central bank will increase support for credit issued through the Main Street Lending Program while providing midsize firms with more flexibility on the amounts they receive.

Lawmakers have until June 15 to adopt a budget. Democratic leaders in the legislature have not embraced Gov. Gavin Newsom's proposed cuts.

Chairman Patrick Foye said the designation will better position the authority to cope with the revenue loss from the coronavirus pandemic.

Federal Reserve action to keep credit flowing rewards risky behavior and the remedy may be tougher regulation in the future, said former New York Federal Reserve Bank President William Dudley.

Members of both parties raised concerns that the requirements for participating in the Municipal Liquidity Facility and Main Street Lending Program are too restrictive to benefit smaller localities and certain midsize firms.

Federal Open Market Committee members have been adamant that negative rates would be a last resort.

State leaders are reluctant to grant New York City more bond capability, and other city leaders want Bill de Blasio to further reduce his proposed spending plan.

“We crossed a lot of red lines that had not been crossed before,” said Federal Reserve Chairman Jerome Powell.

Federal Reserve Bank of New York President John Williams said policy makers are “thinking very hard” about targeting specific yields on Treasury securities as a way of ensuring borrowing costs stay at rock-bottom levels beyond keeping the benchmark interest rate near zero.