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Discussion Paper
COVID-19 Financial Support: Who’s Covered and Who’s Not?
Federal, state, and local government financial support for consumers in response to COVID-19 is widespread, but not universal. Who’s left out from existing governmental support programs?
Speech
Fintech: Revolution or Evolution?
President Patrick T. Harker gave his economic outlook and discussed issues surrounding financial technology at the University of Pennsylvania?s School of Engineering and Applied Science. The event was part of a lecture series on technology, business, and government
Working Paper
A Tale of Two Bailouts: Effects of TARP and PPP on Subprime Consumer Debt
High levels of subprime consumer debt can create social problems. We test the effects of the Troubled Asset Relief Program (TARP) and Paycheck Protection Program (PPP) bailouts during the Global Financial Crisis and COVID-19 crisis, respectively, on this debt. We use over 11 million credit bureau observations of individual consumer debt combined with banking, bailout, and local market data. We find that subprime consumers with more TARP institutions in their markets had significantly increased debt burdens following these bailouts. In contrast, PPP bailouts were associated with reduced ...
Speech
Remarks at Conference on Successful Strategies for Financial Literacy and Education
Remarks by Charles L. Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago Federal Reserve Bank of Chicago Chicago, IL