Fed approves expansion of $500 billion state, local support program

By Martin Crutsinger, The Associated Press
The Federal Reserve has approved an expansion of its $500 billion emergency program to support state and local governments.
The expansion will allow all states to have at least two cities or counties eligible to tap the Fed support program regardless of population.
The Fed board approved the change Wednesday on a 5-0 vote.
It marked the second time the program, named the Municipal Liquidity Facility, has been expanded. Before the latest announcement, th