CRAPO, CHAIRMAN RICHARDC , SHER , PATRICK PENNSYLVANIA JACKREED ISLAND TIMSCOTT SOUTHCAROLINA ROBERTMENENDEZ JERSEY BENSASSE NEBRASKA JONTESTER, MONTANA TOMCOTTONARKANSAS , SOUTHDAKOTA EUZABETHWARREN , DAVIDPERDUE GEORGIA THOM TILUS CAROLINA MARYLAND JOHN KENNEDY LOUISIANA , NEVADA MARTHA ARIZONA COMMITTEEONBANKING, HOUSING AND , MINNESOTA , NORTH DAKOTA KYRSTEN , ARIZONA URBAN AFFAIRS WASHINGTON , DC 20510-6075 GREGG RICHARD DIRECTOR LAURA SWANSON , DEMOCRATIC STAFF DIRECTOR July 31, 2020

The Honorable Steven T. Mnuchin Secretary Department ofthe Treasury 1500 Pennsylvania Avenue NW Washington, DC 20220

The HonorableJerome H. Powell Chairman BoardofGovernorsofthe FederalReserve System 20th Street and ConstitutionAvenue NW Washington, DC 20551

Dear Secretary Mnuchinand ChairmanPowell:

The Federal Reserve and Treasury Departmentrecently announced that they would be extending various 13( 3 ) emergency lendingprograms by three months, throughDecember31, 2020, inorder to “ facilitate planningby potential facility participants and providecertainty that the facilities will continueto be availableto help the economy recover.” There are also still funds availableunder section4003(b )(4 ) of the CARES Act intendedfor Federal Reserve 13(3 ) facilities and I encouragethe FederalReserve and Treasury Departmentto quickly expandthe Main Street Lending Programby settingup an asset-based lendingprogramand commercial real estate program.

Establishinga facilityto accommodateasset-based lendingcould openaccess to critical resourcesfor several industriesthat couldnototherwiseaccess the MSLPbasedon earnings or cash flow metrics. Suchasset-based lendingwouldbe predicatedon pledgedcollateral.

Addressingthe uniquecircumstancesfaced by commercialreal estate, includingsecuritized commercialmortgages, whether through access inthe MSLPor a separatefacility. Severaloptions havebeen circulatedandshouldbe carefullyconsideredincraftingthe appropriateterms.

The FederalReserveandTreasuryhavetakenimportantsteps to support the broader economy and I look forwardto workingwithyoubothto continueto expand the MainStreet LendingProgram .

Sincerely,

Mike Crapo Chairman