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Credit and Liquidity Programs and the Balance Sheet

Reports and disclosures

Disclosure

On July 21, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Dodd-Frank Act") was signed into law. The Dodd-Frank Act includes changes that are designed to promote transparency while protecting monetary policy independence and the efficacy of the Federal Reserve’s liquidity programs and open market operations (OMOs).

As required by the Dodd-Frank Act, on December 1, 2010, the Federal Reserve disclosed detailed information about (i) entities that received loans or other financial assistance under a Section 13(3) credit facility between December 1, 2007, and July 21, 2010; and (ii) persons or entities that participated in the agency mortgage-backed securities (MBS) purchase program, used foreign currency liquidity swap lines, or borrowed through the Term Auction Facility (TAF) during that time frame. This information includes:

The identity of the entities provided financial assistance under the facility;
The type of financial assistance provided;
The value or amount of the assistance;
The date on which the assistance was provided;
The specific terms of any repayment expected, including the repayment time period, interest charges, collateral, limitations on executive compensation or dividends, and other material terms; and
The specific rationale for the facility.

The Federal Reserve's disclosure about these transactions is available at www.federalreserve.gov/newsevents/reform_transaction.htm.

Federal Reserve Lending Disclosures
Testimony by Scott G. Alvarez, General Counsel, Board of Governors of the Federal Reserve System, and Thomas C. Baxter, General Counsel, Federal Reserve Bank of New York, June 1, 2011

The Dodd-Frank Act also establishes a framework for the delayed disclosure of information on entities that, after July 21, 2010, received a loan from the discount window under Section 10B of the Federal Reserve Act or from a Section 13(3) facility, or participated in OMO transactions. Generally, this framework requires the Federal Reserve to publicly disclose certain information about these discount window borrowers and OMO counterparties approximately two years after the relevant loan or transaction; information about borrowers under future Section 13(3) facilities will be disclosed one year after the authorization for the facility is terminated.

Federal Reserve System Monthly Reports on Credit and Liquidity Programs and the Balance Sheet

The Federal Reserve prepares these monthly reports as part of its efforts to enhance transparency in connection with its various programs to foster market liquidity and financial stability and to ensure appropriate accountability to the Congress and the public concerning policy actions taken to address the financial crisis. The reports provide detailed information on the new policy tools that have been implemented since the summer of 2007.

Monthly Reports

Reports Pursuant to Section 129 of the Emergency Economic Stabilization Act of 2008

The Federal Reserve files these reports with Congress pursuant to section 129(b) of the Emergency Economic Stabilization Act of 2008. The reports provide updates concerning the lending facilities established by the Board under section 13(3) of the Federal Reserve Act that are currently outstanding. In October 2009, the Board began to incorporate these reports into its monthly report on "Credit and Liquidity Programs and the Balance Sheet."

Regular Updates