Washington

Federal Reserve Governor Lael Brainard said Tuesday that more government fiscal aid is needed to prevent deeper damage to a U.S. economy coping with a fresh surge in coronavirus cases.

SIFMA told a federal court that the SEC's process failed when it announced the temporary conditional exemption for muni advisors.

Senate Majority Leader Mitch McConnell set up a vote to advance the nomination of Christopher Waller to the Federal Reserve Board, potentially clearing the way for his confirmation later this week.

Federal Reserve Chair Jerome Powell is cautioning lawmakers that the U.S. economy remains in a damaged and uncertain state, despite progress made in the development of COVID-19 vaccines.

The GAO said that the $10.5 billion from the FEMA Public Assistance program might cover only about half of the $20.3 billion identified in Puerto Rico’s Grid Modernization Plan as necessary to repair the grid and make it more resilient.

Though President-elect Joe Biden has not provided specifics on the financing of his infrastructure agenda, sources say he will take an "all of the above" approach.

The U.S. economy seems to be holding up despite a surge in COVID-19 cases and hospitalizations, clouding the case for more monetary stimulus, Federal Reserve Bank of Richmond President Thomas Barkin said.

The incoming administration chose a battle-tested policymaker who can draw on her nearly two decades at the Fed to help rebuild an economy still struggling from the coronavirus pandemic.

The central bank will prolong the life of the Commercial Paper Funding Facility and three other programs while returning congressionally approved funds for five separate facilities that will shut down Dec. 31.

Illinois will borrow $2 billion through the Federal Reserve's Municipal Liquidity Facility to help manage its 2021 budget gap. The state previously borrowed $1.2 billion from the MLF for its fiscal 2020 pandemic hole.