Birdwatch Note Rating
2022-07-08 02:20:34 UTC - HELPFUL
Rated by Participant: 8BBD8507AB2B3EBFFD4BAE954D11D71C02DA8AD77AAACDCD576372BCB6066D3A
Participant Details
Original Note:
The Congressman is referring to loans made through the Federal Reserve's discount window. The interest rate of 1.75% is mandated by federal regulation. https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-201/section-201.51 Per 12 CFR ยง 201.4(a) these are "very short-term" loans "usually overnight". They are not used to fund credit card loans https://www.ecfr.gov/current/title-12/chapter-II/subchapter-A/part-201/section-201.4#p-201.4(a) https://www.federalreserve.gov/regreform/discount-window.htm
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