Treasury Secretary Steven Mnuchin says he is considering government lending program for U.S. oil companies
In response to the industry looking for federal aid .
Mnuchin was speaking in a Bloomberg News interview (earlier headline is here but with little detail).
More:
- "One of the components we're looking at is providing a lending facility for the industry. We're looking at a lot of different options, and we have not made any conclusions."
Says Bloomberg (link here):
- The program would be run out of the Federal Reserve, according to a person familiar with the matter.
- The administration is also considering taking financial stakes in exchange for some loans, and some firms might be asked to reduce production, the person said.
