The Senate appeared to reach a major breakthrough in COVID-19 relief negotiations late Saturday, and Senate Minority Leader Chuck Schumer (D-N.Y.) said he believes both the House and Senate will vote on a package Sunday so long as "nothing gets in the way."
Schumer and Sen. Pat Toomey (R-Pa.) were finishing up details of a compromise that seemingly resolves a sticking point about the Federal Reserve's ability to set up emergency lending programs without congressional approval, which Toomey wanted to restrict. Under the deal, The Wall Street Journal reports, the central bank wouldn't lose that power, but its options would be narrower — the Fed wouldn't be able to replicate programs identical to the ones it started in March unless Congress signed off.
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