As special IG for the Treasury’s allocation of $500 billion in aid, Brian Miller could look into funding for Fed credit facilities. But Democrats on the Senate Banking Committee questioned his independence.
A national moratorium would be costly to lenders and servicers, but proponents say it's needed to help cushion the economic blow of the pandemic.
Policymakers could recommend banks establish backup facilities and the Federal Reserve could stand ready with emergency loans to limit economic shock waves.
The Massachusetts senator and presidential candidate sent a letter to CEOs of five of the largest U.S. banks asking about their response to the outbreak.