Policy Tools
Municipal Liquidity Facility
The Federal Reserve established the Municipal Liquidity Facility to help state and local governments better manage cash flow pressures in order to continue to serve households and businesses in their communities. The facility will purchase up to $500 billion of short term notes directly from U.S. states (including the District of Columbia), U.S. counties with a population of at least 500,000 residents, and U.S. cities with a population of at least 250,000 residents. Eligible state-level issuers may use the proceeds to support additional counties and cities. In addition to the actions described above, the Federal Reserve will continue to closely monitor conditions in the primary and secondary markets for municipal securities and will evaluate whether additional measures are needed to support the flow of credit and liquidity to state and local governments.
Reports to Congress
- Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (December 11, 2020)
- MLF Transaction-specific disclosures (XLSX) (December 11, 2020)
- Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (November 24, 2020)
- MLF Transaction-specific disclosures (XLSX) (November 24, 2020)
- Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (November 9, 2020)
- MLF Transaction-specific disclosures (XLSX) (November 9, 2020)
- Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (October 8, 2020)
- MLF Transaction-specific disclosures (XLSX) (October 8, 2020)
- Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (September 8, 2020)
- MLF Transaction-specific disclosures (XLSX) (September 8, 2020)
- Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (August 10, 2020)
- MLF Transaction-specific Disclosures (XLSX) (August 10, 2020)
- Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (July 10, 2020)
- MLF Transaction-specific Disclosures (XLSX) (July 10, 2020
- Periodic Report: Update on Outstanding Lending Facility Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (June 15, 2020)
- MLF Transaction-specific Disclosures (XLSX) (June 15, 2020)
- Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (May 24, 2020)
- Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (May 15, 2020)
- Report to Congress Pursuant to Section 13(3) of the Federal Reserve Act: Municipal Liquidity Facility (PDF) (April 16, 2020)
Related Press Releases
- Federal Reserve Board announces revised pricing for its Municipal Liquidity Facility (August 11, 2020)
- Federal Reserve Board announces an expansion in the number and type of entities eligible to directly use its Municipal Liquidity Facility (June 3, 2020)
- New York Fed Releases Notice of Interest for the Municipal Liquidity Facility (May 15, 2020)
- Federal Reserve publishes updates to the term sheet for the Municipal Liquidity Facility (May 11, 2020)
- Federal Reserve Board announces an expansion of the scope and duration of the Municipal Liquidity Facility (April 27, 2020)
- Federal Reserve takes additional actions to provide up to $2.3 trillion in loans to support the economy (April 9, 2020)
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