Felton C. Booker

Identity and role

Felton C. Booker is a banking-policy official. Federal Reserve Board rulemaking records place him in the Board's Division of Banking Supervision and Regulation in 2013 and 2016, and later records place him at Treasury as Deputy Assistant Secretary for Financial Institution Policy from 2021 to 2023. The cited records do not show a PPPLF assignment for him, and he does not appear among the Board members recorded as voting on the PPPLF actions.

PPPLF record

The public PPPLF record names the Board of Governors as the authorizing body and the Federal Reserve Bank of Minneapolis as the program administrator: the Federal Reserve Board's Office of Inspector General reports that the Board "quickly authorized the PPPLF and designated the Federal Reserve Bank of Minneapolis (FRB Minneapolis) as the program administrator."¹ The Board's 2020 votes page records, under April 8, 2020, the "Establishment of new 13(3) facility (Paycheck Protection Program Liquidity Facility)," with Chair Powell, Vice Chair Clarida, Vice Chair for Supervision Quarles, Governor Brainard and Governor Bowman recorded on the action.² The facility "will extend credit to eligible financial institutions that originate PPP loans, taking the loans as collateral at face value."³⁴

The same votes page records, under April 30, 2020, a Board action expanding "access to its Paycheck Protection Program Liquidity Facility (PPPLF) to additional lenders, and expands the collateral that can be pledged."² The Federal Reserve's announcement that day states that the facility was expanded to reach "all PPP lenders approved by the SBA, including non-depository institution lenders," and lists the newly eligible participants as "banks, credit unions, Community Development Financial Institutions, members of the Farm Credit System, small business lending companies licensed by the SBA, and some financial technology firms"; it also allowed eligible borrowers to pledge whole PPP loans they had purchased as collateral.⁵ The OIG report's background section likewise describes PPP lending by "depository institution (DI) and nondepository institution (NDI) lenders."¹

Related profiles: Jerome H. Powell, the Board Chair recorded on the PPPLF votes above, and Neel Kashkari of the Federal Reserve Bank of Minneapolis, the administering Reserve Bank.

Institutions responsible for the PPPLF

Responsibility was institutional: Board authorization, Treasury approval under section 13(3), Reserve Bank advances, and Minneapolis Fed program administration.

Career record

A Federal Reserve Board final rule published April 5, 2013 lists "Felton C. Booker, Senior Supervisory Financial Analyst, (202) 912-4651, Division of Banking Supervision and Regulation, Board of Governors of the Federal Reserve System" as a staff contact.⁶ At the Board's open meeting of May 3, 2016, staff turned the presentation over to "Felton Booker and Mark Savignac, who will describe the key features of the proposal" on qualified financial contracts and the orderly resolution of major financial firms; the transcript records Booker answering Governors' questions on the scope of the QFC definition drawn from Title II of the Dodd-Frank Act.⁷

Treasury's Senior Executive Service Performance Review Board notices for 2021 and 2022 both list "Felton Booker, Deputy Assistant Secretary, Financial Institution Policy."⁸⁹ The minutes of the PBGC Board of Directors meeting of July 28, 2023 list him for the Department of the Treasury as "Felton Booker, Deputy Assistant Secretary, Financial Institutions Policy."¹⁰

Government support / loan record

No personal PPP loan, company relief loan, or borrower-side pandemic aid record for Booker appears in the cited sources.

Sources

1. Office of Inspector General, Board of Governors of the Federal Reserve System and CFPB, "FRB Minneapolis Followed Its Paycheck Protection Program Liquidity Facility Collateral Risk Management Processes and Can Enhance Monitoring and Collection Processes," Evaluation Report 2024-FMIC-B-018, Sept. 23, 2024. 2024-FMIC-B-018: PPPLF collateral — original: https://oig.federalreserve.gov/reports/board-ppplf-risk-management-processes-sep2024.htm ↩
2. Federal Reserve Board, "Board Votes 2020." Federal Reserve Board Votes 2020 — original: https://www.federalreserve.gov/aboutthefed/boardmeetings/boardvotes2020.htm ↩
3. Federal Reserve Board, "Paycheck Protection Program Liquidity Facility" program page. Federal Reserve Board - Paycheck Protection Program Liquidity Facility (PPPLF) (original: Federal Reserve PPPLF page (original: federalreserve.gov · stored capture)) ↩
4. Federal Reserve Board, press release, Apr. 9, 2020. Federal Reserve actions to provide up to $2.3 trillion in loans (original: Federal Reserve, April 9, 2020 PPPLF announcement (original: federalreserve.gov · stored capture)) ↩
5. Federal Reserve Board, "Federal Reserve expands access to its Paycheck Protection Program Liquidity Facility (PPPLF) to additional lenders, and expands the collateral that can be pledged," Apr. 30, 2020 (retrieved Sept. 18, 2026). Frb Ppplf Access Expansion Additional Lenders 2020 04 30 Text (original: federalreserve.gov) ↩
6. Federal Reserve Board, "Definitions of 'Predominantly Engaged In Financial Activities' and 'Significant' Nonbank Financial Company and Bank Holding Company; Final Rule," 78 FR (Apr. 5, 2013). 2013 07688 Htm (original: Fr 2013 04 05 2013 07688 Definitions Predominantly Engaged Financial Activities Text (original: govinfo.gov)) ↩
7. Federal Reserve Board, transcript of open Board meeting, May 3, 2016. Frb Open Board Meeting Transcript 2016 05 03 (original: https://www.federalreserve.gov/mediacenter/files/open-board-meeting-transcript-20160503.pdf) ↩
8. Treasury, "Senior Executive Service Performance Review Boards," Sept. 29, 2021 (FR Doc. 2021-21179). Fr 2021 09 29 2021 21179 Treasury Ses Performance Review Boards Text (original: govinfo.gov) ↩
9. Treasury, "Senior Executive Service Performance Review Boards," Sept. 28, 2022 (FR Doc. 2022-20895). Fr 2022 09 28 2022 20895 Treasury Ses Performance Review Boards Text (original: govinfo.gov) ↩
10. PBGC, Board of Directors meeting minutes, July 28, 2023. Bod Meeting Minutes 07282023 (original: PBGC Board of Directors meeting minutes, July 28, 2023 (original: pbgc.gov)) ↩