Photo: Alan Diaz/AP
MIchael Wirth was named Tuesday as the next CEO of Chevron, replacing John Watson on February 1, the Wall Street Journal reports.
Why it matters: Per the Journal, the change "follows a number of other large oil companies who now have engineers and operations specialists with experience running refineries at the helm."
Go deeper: Axios' Ben Geman broke down the management move last month in Generate.
Illustration: Aïda Amer/Axios
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Fed Chairman Jerome Powell at a press conference in March. Photo: Eric Baradat/AFP via Getty Images
The Federal Reserve announced Thursday that it will support the coronavirus-hit economy with up to $2.3 trillion in loans to businesses, state and city governments — made possible in part by Treasury funds set aside in the government stimulus package.
Why it matters: The Fed has taken more action amid the coronavirus outbreak than it has in any other financial crisis in U.S. history in an effort to blunt the effects of the resulting economic shutdown.
Illustration: Sarah Grillo/Axios
Before the Paycheck Protection Program formally launched last Friday, we knew two things: The rollout would be rocky, and the initial $250 billion wouldn't be enough for America's small businesses.
The state of play: Banks and government officials have been working to smooth out the process. On Thursday, Senate Majority Leader Mitch McConnell's attempt to pump another $250 billion into the program via unanimous consent was blocked by Democrats, who are proposing an alternative.