Exhibit 799

Hybrid hearing with the Federal Reserve Chair Jerome H. Powell, Select Subcommittee on the Coronavirus Crisis, Serial No. 116-119

Exhibit 799 · Congressional hearing

Hybrid hearing with the Federal Reserve Chair Jerome H. Powell, Select Subcommittee on the Coronavirus Crisis, Serial No. 116-119

we didn’t want to be deciding which company to buy from and which not.

Chairman Clyburn puts the staff analysis to Chair Powell. Powell answers that the SMCCF bought small amounts of bonds across about 800 issuers, in the secondary market, without making loans to the companies, to avoid choosing among companies. He calls the facility a success. The transcript contains no question on BlackRock, ETFs or conflicts.

Source: U.S. House of Representatives, Select Subcommittee on the Coronavirus Crisis
Date: 23 September 2020
Quoted from: Hearing transcript, Chairman Clyburn exchange, pp. 14-15
Grade: Primary record
Document: https://www.govinfo.gov/content/pkg/CHRG-116hhrg41958/pdf/CHRG-116hhrg41958.pdf
Accessed: 2026-11-09
Cited by: Findings citing this exhibit

Cited by

Finding POL-8.13: Primary record A staff analysis by the Democratic majority of the House Select Subcommittee on the Coronavirus Crisis reported that bonds the Fed bought through the Secondary Market Corporate Credit Facility came from companies that laid off more than one million workers. Chair Powell answered on 23 September 2020 that the Fed bought small amounts across about 800 issuers because it did not want to decide which companies to buy from.