[20200615]IN11327_美联储：应对2019冠状病毒疾病的紧急贷款.pdf

CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i Federal Reserve: Emergency Lending in Response to COVID-19 Updated June 15, 2020 The Coronavirus Disease 2019 (COVID-19) has created significant economic and financial disruptions. In response, the Federal Reserve (Fed) has taken a number of actions to promote economic and financial stability. This Insight covers actions taken by the Fed in its “lender of last resort” roleactions intended to provide liquidity directly to firms to ensure they have continued access to needed funding. The Fed finances this assistance by expanding its balance sheet. For more detail, see CRS Report R46411, The Federal Reserves Response to COVID-19: Policy Issues, by Marc Labonte. For information on regulatory changes made by the Fed, see CRS Insight IN11278, Bank and Credit Union Regulators Response to COVID-19, by Andrew P. Scott and David W. Perkins. Discount Window In a March 15 announcement, the Fed encouraged insured depository institutions (e.g., banks) to borrow from the Feds discount window to meet their liquidity needs. This is the Feds traditional tool in its lender of last resort function. Discount window lending is