1、CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i The Size of Federal Reserve COVID-19 Programs February 9, 2021 In response to the financial and economic disruption caused by the Coronavirus Disease 2019 (COVID-19) pandemic, the Federal Reserve (Fed) acted as lender of l
2、ast resort to broad swaths of the financial system. This Insight presents data on the size of the Feds response, which peaked at $793 billion in April 2020. CRS Report R46411, The Federal Reserves Response to COVID-19: Policy Issues, provides a full description of the facilities and actions covered
3、below. Section 13(3) Facilities The Fed created a series of temporary programs in response to the pandemic using its emergency authority from Section 13(3) of the Federal Reserve Act. This was the third time the Fed used these powers extensively following the Great Depression and the 2007-2009 finan
4、cial crisis. The first wave of programs attempted to stabilize overall financial market conditions, which experienced illiquidity at the onset of the pandemic. The Commercial Paper Funding Facility (CPFF), Primary Dealer Credit Facility (PDCF), and Money Market Mutual Fund Liquidity Facility (MMLF)
