Fed's Powell says Main Street may use up to $30 billion by year end

Jerome H. Powell, Chairman, Board of Governors of the Federal Reserve System during the Senate's Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress, in Washington, DC, U.S., September 24, 2020. Toni L. Sandys/Pool via REUTERS

(Reuters) - The Federal Reserve’s Main Street Lending facility may lend as much as $30 billion by the end of the year, Fed Chair Jerome Powell said in testimony before the Senate Banking Committee.

“The total loans might be, I don’t know, you know, $10, $20, $30 billion by the end of the year, that’s with leverage” he said in the last of three hearings in which he testified before Congress this week.

Reporting by Howard Schneider, Ann Saphir; Editing by Chizu Nomiyama