Steve Mnuchin, the treasury secretary, said that the government may introduce a lending scheme for US oil companies reeling under the devastating impact of the COVID-19 pandemic.
On Thursday, in a Bloomberg interview, Mnuchin said that lending options were being reviewed. He further added that several options were being explored but haven’t reached a conclusion yet.
A source close to the matter said that the scheme would be rolling out from the Federal Reserve.
He also said that financial stakes in exchange for loans are being considered and that some companies might be ordered to reduce production.
The source further revealed that the options have not yet been presented before the president, Donald Trump.