U.S. Markets

Fed's Quarles: "Main Street" loans like two to three weeks off as details finalized

FILE PHOTO - Randal K. Quarles, vice chairman of the Federal Reserve Board of Governors, testifies before a Senate Banking, Housing and Urban Affairs Committee hearing on "Oversight of Financial Regulators" on Capitol Hill in Washington, U.S., December 5, 2019. REUTERS/Erin Scott

WASHINGTON (Reuters) - Federal Reserve vice chair Randal Quarles said Friday that it would probably be another two to three weeks before the Fed’s new loan program for mid-sized companies is up and running.

“We are putting together the mechanisms for that credit to be distributed through the banks,” Quarles said of the program the Fed announced on Thursday that would make up to $600 billion in loans available to mostly mid-sized companies. Final details are “probably two to three weeks away,” Quarles said in a web presentation sponsored by the University of Utah.

Reporting by Howard Schneider; Editing by Chizu Nomiyama