[20081008]RS22966_金融动荡：将问题资产救助计划与美联储的反应进行比较.pdf

Order Code RS22966October 8, 2008Financial Turmoil: Comparing the Troubled Asset Relief Program to the Federal Reserves ResponseMarc LabonteSpecialist in MacroeconomicsGovernment and Finance DivisionSummaryAs financial conditions have deteriorated over the past year, the Federal Reserve(Fed) has greatly increased its lending to financial firms. It has also expanded the scopeof eligible borrowers to include non-bank financial firms. As of October 1, 2008, theFed had loans of $559 billion outstanding, compared with less than $1 billionoutstanding one year earlier. In addition, it has provided financial assistance to BearStearns and American International Group (AIG).Some have asked why these loans have not restored financial stability, and if thepurchase of up to $700 billion of distressed assets through the recently enacted TroubledAsset Relief Program (TARP) might lead to a different result. H.R. 1424, signed intolaw on October 3 (P.L. 110-343), authorizes the creation of TARP. Financial firms have faced two broad problems over the past year concernsabout liquidity and capital adequacy. Liquidity problems refer to the inability of firmsto liquidate assets fast enough to meet their