[20200410]IF11474_财政部外汇稳定基金和2019冠状病毒疾病 .pdf

https:/crsreports.congress.gov Updated April 10, 2020Treasurys Exchange Stabilization Fund and COVID-19 As part of the U.S. governments economic response to the Coronavirus Disease 2019 (COVID-19), the Coronavirus Aid, Relief, and Economic Security Act (CARES Act; H.R. 748/P.L. 116-136), was signed into law on March 27, 2020. It appropriates $500 billion to the U.S. Department of Treasurys Exchange Stabilization Fund (ESF) to support loans, loan guarantees, and investments for businesses affected by COVID-19. In addition, the act temporarily permits the use of the ESF to guarantee money markets, as occurred in the 2008 financial crisis. ESF assets have already been pledged in 2020 to backstop several emergency lending facilities created by the Federal Reserve (Fed) in response to COVID-19. The original purpose of the ESF was to give the United States adequate financial resources to stabilize the value of the dollar by buying and selling foreign currencies and gold. In the exigencies of the 2008 financial crisis, the ESF was used differently as Treasury sought a source of unfettered money to quickly stop a run on money markets that threatened further financial instability. Although