Federal Reserve Board announces several initiatives to provide additional support to financial markets, including enhancements to its existing liquidity facilities (September 14, 2008)

Claims Supported by This Source

1. On Sunday, September 14, 2008, announced an expansion of liquidity facilities in consultation with the Treasury and SEC to prepare for the "unwinding of major financial institutions."
2. Expanded eligible collateral for the PDCF to match the types of collateral that can be pledged in the tri-party repo systems of the two major clearing banks (previously limited to investment-grade debt securities).
3. Expanded collateral for TSLF Schedule 2 to all investment-grade debt securities and made auctions weekly. Increased the total amount for Schedule 2 from $125 billion to $150 billion, and the total TSLF from $175 billion to $200 billion.
4. A temporary exception to the limits of Section 23A of the Federal Reserve Act (until January 30, 2009). To allow insured depository institutions to provide liquidity to their affiliates for assets that were being financed in the tri-party repo market.

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