Quarterly Report on Federal Reserve
Balance Sheet Developments

The Federal Reserve prepared this monthly report as part of its efforts to enhance transparency about the range of programs and tools that have been implemented in response to the financial crisis and to ensure appropriate accountability to the Congress and the public from June 2009 to August 2012. The Federal Reserve's statutory mandate in conducting monetary policy is to foster maximum employment and stable prices. Financial stability is a critical prerequisite for achieving sustainable economic growth and price stability, and the steps taken since the summer of 2007 were necessary to support the liquidity of important financial markets and institutions in light of the extraordinary strains in financial markets.

Subsequent to August 2012, similar information is published in the "Quarterly Report on Federal Reserve Balance Sheet Developments," available on the Board's public website.