[20200526]IN11404_《英雄法案》（H.R.6800) 选定的美联储条款.pdf

CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i HEROES Act (H.R. 6800): Selected Federal Reserve Provisions May 26, 2020 On May 15, 2020, the House passed the HEROES Act (H.R. 6800), a wide-ranging Coronavirus Disease 2019 (COVID-19) relief bill. This Insight discusses selected provisions related to the Federal Reserve (Fed). Background In response to COVID-19, the Fed has taken a number of actions to promote economic and financial stability. Traditionally, the Fed acts as “lender of last resort,” providing solvent banks with short-term liquidity to manage cash flow. In response to the unprecedented economic disruptions posed by the pandemic, the Fed extended that role to nonbank firms and markets to ensure they have continued access to needed funding. In some cases, the Fed provided long-term assistance to borrowers who may not remain solvent if the pandemic persists for an extended time period. To date, the Fed has created nine emergency facilities in response to COVID-19 under its emergency authority found in Section 13(3) of the Federal Reserve Act. (See CRS Insight IN11327, Federal Reserve: Emergency Lending in Response to COVID-19, by Marc Labont