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Emergency Lending by the Federal Reserve - Background & Policy Issues (Paperback)
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Emergency Lending by the Federal Reserve - Background & Policy Issues (Paperback)
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The deepening of the financial crisis in 2008 led the Federal
Reserve (Fed) to revive an obscure provision found in Section 13(3)
of the Federal Reserve Act (12 U.S.C. 344) to extend credit to
nonbank financial firms for the first time since the 1930s. Section
13(3) provides the Fed with greater flexibility than its normal
lending authority. Using this authority, the Fed created six
broadly based facilities (of which only five were used) to provide
liquidity to primary dealers (certain large investment firms) and
to revive demand for commercial paper and asset-backed securities.
More controversially, the Fed provided special, tailored assistance
exclusively to four firms that the Fed considered too big to fail
-- AIG, Bear Stearns, Citigroup, and Bank of America. This book
provides a review of the history of Section 13(3), including its
use in 2008. It discusses the Feds authority under Section 13(3)
before and after the Dodd-Frank Act. It then discusses policy
issues and legislation to amend Section 13(3), including H.R. 3189,
which passed the House on November 19, 2015.
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