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<div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">US Fed program to spur consumer credit lending</div> <p>The <b>Term Asset-Backed Securities Loan Facility</b> (<b>TALF</b>) is a program created by the <a href="/wiki/U.S._Federal_Reserve" class="mw-redirect" title="U.S. Federal Reserve">U.S. Federal Reserve</a> (the Fed) to spur consumer credit lending. The program was announced on November 25, 2008, and was to support the issuance of <a href="/wiki/Asset-backed_security" title="Asset-backed security">asset-backed securities</a> (ABS) collateralized by <a href="/wiki/Student_loan" title="Student loan">student loans</a>, <a href="/wiki/Auto_loan" class="mw-redirect" title="Auto loan">auto loans</a>, <a href="/wiki/Credit_card" title="Credit card">credit card</a> loans, and loans guaranteed by the <a href="/wiki/Small_Business_Administration" title="Small Business Administration">Small Business Administration</a> (SBA). Under TALF, the <a href="/wiki/Federal_Reserve_Bank_of_New_York" title="Federal Reserve Bank of New York">Federal Reserve Bank of New York</a> (NY Fed) authorized up to $200 billion of loans on a <a href="/wiki/Nonrecourse_debt" title="Nonrecourse debt">non-recourse</a> basis to holders of certain AAA-rated ABS backed by newly and recently originated consumer and small business loans. (However, only approximately $70 billion was ever lent, and only approximately $50 billion at any one time.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup>) As TALF money did not originate from the <a href="/wiki/United_States_Department_of_the_Treasury" title="United States Department of the Treasury">U.S. Treasury</a>, the program did not require congressional approval to disburse funds, but an act of Congress forced the Fed to reveal how it lent the money. The TALF began operation in March 2009 and was closed on June 30, 2010. TALF 2 was initiated in 2020 during the <a href="/wiki/COVID-19_pandemic" title="COVID-19 pandemic">COVID-19 pandemic</a>.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Purpose">Purpose</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Term_Asset-Backed_Securities_Loan_Facility&action=edit&section=1" title="Edit section: Purpose"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Fed explained the reasoning behind the TALF as follows: </p> <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style><blockquote class="templatequote"><p>New issuance of ABS declined precipitously in September and came to a halt in October. At the same time, interest rate spreads on AAA-rated tranches of ABS soared to levels well outside the range of historical experience, reflecting unusually high risk premiums. The ABS markets historically have funded a substantial share of consumer credit and SBA-guaranteed small business loans. Continued disruption of these markets could significantly limit the availability of credit to households and small businesses and thereby contribute to further weakening of U.S. economic activity. The TALF is designed to increase credit availability and support economic activity by facilitating renewed issuance of consumer and small business ABS at more normal interest rate spreads.<sup id="cite_ref-fedrelease_3-0" class="reference"><a href="#cite_note-fedrelease-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup></p></blockquote> <div class="mw-heading mw-heading2"><h2 id="Structure_and_terms">Structure and terms</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Term_Asset-Backed_Securities_Loan_Facility&action=edit&section=2" title="Edit section: Structure and terms"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>According to the plan, the NY Fed would spend up to $200 billion in loans to spur the market in securities backed by lending to <a href="/wiki/Small_business" title="Small business">small business</a> and consumers. Yet, the program closed after only funding the purchase of $43 billion in loans.<sup id="cite_ref-ssrn.com_4-0" class="reference"><a href="#cite_note-ssrn.com-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Barbara Kiviat,<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> TALF money was not to go directly to those small businesses and consumers, but to the issuers of asset-backed securities. The NY Fed would take the securities as <a href="/wiki/Collateral_(finance)" title="Collateral (finance)">collateral</a> for more loans the issuers would ostensibly make. To manage the TALF loans, the NY Fed was to create a <a href="/wiki/Special-purpose_vehicle" class="mw-redirect" title="Special-purpose vehicle">special-purpose vehicle</a> (SPV) that would buy the assets securing the TALF loans. The U.S. Treasury's <a href="/wiki/Troubled_Assets_Relief_Program" class="mw-redirect" title="Troubled Assets Relief Program">Troubled Assets Relief Program</a> (TARP) of the <a href="/wiki/Emergency_Economic_Stabilization_Act_of_2008" title="Emergency Economic Stabilization Act of 2008">Emergency Economic Stabilization Act of 2008</a> would finance the first $20 billion of asset purchases by buying debt in the SPV. </p><p>Eligible collateral included U.S. dollar-denominated cash ABS with a long-term credit rating in the highest investment-grade rating category from two or more major nationally recognized statistical rating organizations (NRSROs) and do not have a long-term credit rating of below the highest investment-grade rating category from a major NRSRO. Synthetic ABS (<a href="/wiki/Credit_default_swap" title="Credit default swap">credit default swaps</a> on ABS)<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> do not qualify as eligible collateral.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> The program was launched on March 3, 2009.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>Under TALF, the Fed lent $71.1 billion, but never more than $49 billion at any one time before it stopped making new loans in July 2010. About $11.6 billion in loans remained outstanding as of then, according to Fed data. No credit losses have been reported.<sup id="cite_ref-reuters_9-0" class="reference"><a href="#cite_note-reuters-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> Because the money came from the Fed and not the Treasury, there was no congressional oversight of how the funds were disbursed, until an act of Congress forced the Fed to open its books. Congressional staffers are examining more than 21,000 transactions.<sup id="cite_ref-taibbi_10-0" class="reference"><a href="#cite_note-taibbi-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> One study estimated that the subsidy rate on the TALF's $12.1 billion of loans to by buy commercial mortgage backed securities (CMBS) was 34 percent.<sup id="cite_ref-ssrn.com_4-1" class="reference"><a href="#cite_note-ssrn.com-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="The_Public-Private_Investment_Program">The Public-Private Investment Program</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Term_Asset-Backed_Securities_Loan_Facility&action=edit&section=3" title="Edit section: The Public-Private Investment Program"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>On March 23, 2009, U.S. Treasury Secretary <a href="/wiki/Timothy_Geithner" title="Timothy Geithner">Timothy Geithner</a> announced the <a href="/wiki/Public-Private_Investment_Program" class="mw-redirect" title="Public-Private Investment Program">Public-Private Investment Program</a> (PPIP) to help struggling banks by buying up to $1 trillion of <a href="/wiki/Toxic_asset" title="Toxic asset">toxic assets</a> from their' balance sheets. The program was to revive the market for unpackaged loans and mortgage securities not backed by <a href="/wiki/Fannie_Mae" title="Fannie Mae">Fannie Mae</a>, <a href="/wiki/Freddie_Mac" title="Freddie Mac">Freddie Mac</a> or other government-supported institutions.<sup id="cite_ref-bberg-ccjs_11-0" class="reference"><a href="#cite_note-bberg-ccjs-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p><p>There were two primary programs, the Legacy Loans Program and the Legacy Securities Program.<sup id="cite_ref-UST-fact_12-0" class="reference"><a href="#cite_note-UST-fact-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/Federal_Deposit_Insurance_Corporation" title="Federal Deposit Insurance Corporation">Federal Deposit Insurance Corporation</a> (FDIC) was to provide non-recourse loan guarantees for up to 85 percent of the purchase price; asset managers were to raise money from private investors, with capital and loans from taxpayers through the U.S. Treasury, TARP and TALF providing the rest of the funds. The initial size of PPIP was projected to be $500 billion<sup id="cite_ref-UST-fact_12-1" class="reference"><a href="#cite_note-UST-fact-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> of the $1 trillion limit and was expected to free up money for lending.<sup id="cite_ref-bberg-ccjs_11-1" class="reference"><a href="#cite_note-bberg-ccjs-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p><p>The major <a href="/wiki/Stock_market_index" title="Stock market index">stock market indexes</a> in the United States rallied on the day of the announcement rising by over six percent, with shares of bank stocks leading the way.<sup id="cite_ref-nyt-elaed_13-0" class="reference"><a href="#cite_note-nyt-elaed-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> Economist <a href="/wiki/Paul_Krugman" title="Paul Krugman">Paul Krugman</a> was very critical of the program, arguing the non-recourse loans led to a hidden subsidy that would be split by asset managers, banks' shareholders and creditors.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> Banking analyst Meridith Whitney argued that banks would not sell bad assets at <a href="/wiki/Fair_market_value" title="Fair market value">fair market values</a> because they would be reluctant to take asset <a href="/wiki/Write-off#Write-down" title="Write-off">writedowns</a>.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> However, just months after PPIP began, the debt became a money-maker when the bonds rallied and banks, instead of purging their balance sheets of toxic assets, began buying more home loan bonds lacking government guarantees.<sup id="cite_ref-bberg-ccjs_11-2" class="reference"><a href="#cite_note-bberg-ccjs-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Bank_of_America" title="Bank of America">Bank of America</a>, <a href="/wiki/Citigroup" title="Citigroup">Citigroup</a>, <a href="/wiki/Morgan_Stanley" title="Morgan Stanley">Morgan Stanley</a> and <a href="/wiki/Goldman_Sachs" title="Goldman Sachs">Goldman Sachs</a> added a combined $3.36 billion (~$4.49 billion in 2023) of the debt, which just months earlier, had been of little interest to buyers.<sup id="cite_ref-bberg-ccjs_11-3" class="reference"><a href="#cite_note-bberg-ccjs-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p><p>Michael Schlachter, the managing director of an investment consulting firm in Santa Monica, California called it "absolutely ridiculous" that banks may profit from speculating on toxic debt, when their pursuit of it caused the financial crisis. Schlachter said, “Some of them created this mess, and they are making a killing undoing it.”<sup id="cite_ref-bberg-ccjs_11-4" class="reference"><a href="#cite_note-bberg-ccjs-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> The prices for some of the securities that PPIP was to buy almost doubled between March 2009 and the end of the year, a rally that was in part caused by traders jumping in before the PPIP funds were available, according to one trader.<sup id="cite_ref-bberg-ccjs_11-5" class="reference"><a href="#cite_note-bberg-ccjs-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> The director of research at an investment consulting firm said that banks increased their debt holdings following the announcement of PPIP was hardly surprising. “Any time the government says, ‘We’re going to buy something in the securities market,’ they're putting out a sign that says, ‘Free money, come and get it’,” he said.<sup id="cite_ref-bberg-ccjs_11-6" class="reference"><a href="#cite_note-bberg-ccjs-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Congress_demands_oversight">Congress demands oversight</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Term_Asset-Backed_Securities_Loan_Facility&action=edit&section=4" title="Edit section: Congress demands oversight"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In April 2009, Congress passed legislation that included an amendment telling the Fed to reveal the names of the banks and other institutions that received $2.3 (~$3.18 trillion in 2023) trillion in taxpayer-backed bailout loans and other financial assistance.<sup id="cite_ref-sanders_16-0" class="reference"><a href="#cite_note-sanders-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> Limited information on 21,000 transactions made by the Fed between December 1, 2007 and July 21, 2010 was released on December 1, 2010<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> and is now being examined by Senate and House staffers. In the history of the Fed, this is the first time it has opened its books to Congress.<sup id="cite_ref-taibbi_10-1" class="reference"><a href="#cite_note-taibbi-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> Bailout aid was sent to banks in <a href="/wiki/Mexico" title="Mexico">Mexico</a>, <a href="/wiki/Bahrain" title="Bahrain">Bahrain</a> and <a href="/wiki/Bavaria" title="Bavaria">Bavaria</a>, billions of dollars were sent to several Japanese automobile companies, <a href="/wiki/Citigroup" title="Citigroup">Citigroup</a> and <a href="/wiki/Morgan_Stanley" title="Morgan Stanley">Morgan Stanley</a> each received $2 trillion in loans and billions were sent to millionaires and billionaires with addresses in the Cayman Islands.<sup id="cite_ref-taibbi_10-2" class="reference"><a href="#cite_note-taibbi-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> Said Warren Gunnels, an aide to Senator <a href="/wiki/Bernie_Sanders" title="Bernie Sanders">Bernie Sanders</a>, sponsor of the amendment calling for Fed transparency,<sup id="cite_ref-sanders_16-1" class="reference"><a href="#cite_note-sanders-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> "Our jaws are literally dropping as we're reading this." Gummels said each one of the transactions was "outrageous".<sup id="cite_ref-taibbi_10-3" class="reference"><a href="#cite_note-taibbi-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>In one example highlighted by <i><a href="/wiki/Rolling_Stone" title="Rolling Stone">Rolling Stone</a></i>, nine loans were made to <a href="/w/index.php?title=Waterfall_TALF_Opportunity&action=edit&redlink=1" class="new" title="Waterfall TALF Opportunity (page does not exist)">Waterfall TALF Opportunity</a>, an <a href="/wiki/Offshore_company" title="Offshore company">offshore company</a> formed in June 2009. Two of the chief investors of Waterfall are Christy Mack and Susan Karches, who have little or no previous business experience.<sup id="cite_ref-taibbi_10-4" class="reference"><a href="#cite_note-taibbi-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> Mack is married to <a href="/wiki/John_J._Mack" title="John J. Mack">John Mack</a>, former chairman of Morgan Stanley and Karches is the widow of Peter Karches, once the president of Morgan Stanley's investment banking division and good friends of the Macks.<sup id="cite_ref-taibbi_10-5" class="reference"><a href="#cite_note-taibbi-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> Waterfall was capitalized with $14.87 million, presumably from Mack and Karches.<sup id="cite_ref-taibbi_10-6" class="reference"><a href="#cite_note-taibbi-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> Two months after the company was established, the Fed gave them low-interest TALF loans totaling $220 million.<sup id="cite_ref-taibbi_10-7" class="reference"><a href="#cite_note-taibbi-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> The way TALF loans were set up, 100 percent of any profit is retained by the borrower, but the Fed and the Treasury absorb any losses. The Fed and the Treasury are funded by taxpayers.<sup id="cite_ref-taibbi_10-8" class="reference"><a href="#cite_note-taibbi-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> Waterfall used the $220 million TALF loans to buy securities, including a large pool of commercial mortgages managed by <a href="/wiki/Credit_Suisse" title="Credit Suisse">Credit Suisse</a>, a company once headed by Mack's husband.<sup id="cite_ref-taibbi_10-9" class="reference"><a href="#cite_note-taibbi-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> As of autumn 2010, about 68 percent, some $150 million, had not yet been paid back.<sup id="cite_ref-taibbi_10-10" class="reference"><a href="#cite_note-taibbi-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>The Fed refuses to provide any information on how it priced individual securities bought with TALF funds. It only provides lump sums of what was spent on a block of securities, but without indication of how many units were bought, making analysis of TALF impossible.<sup id="cite_ref-taibbi_10-11" class="reference"><a href="#cite_note-taibbi-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> The public has no way of knowing how much Waterfall earned on the securities it bought, although the Fed values them at $253.6 million. Securities lawyer and <a href="/wiki/Whistleblower" class="mw-redirect" title="Whistleblower">whistleblower</a> <a href="/wiki/Gary_J._Aguirre" title="Gary J. Aguirre">Gary J. Aguirre</a> says the pricing information is essential to validating the Fed's role in TALF,<sup id="cite_ref-taibbi_10-12" class="reference"><a href="#cite_note-taibbi-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> to judge how the taxpayers' funds were used. Senator <a href="/wiki/Chuck_Grassley" title="Chuck Grassley">Chuck Grassley</a> has requested detailed information from Waterfall about its transactions and Sanders has asked Federal Reserve chief <a href="/wiki/Ben_Bernanke" title="Ben Bernanke">Ben Bernanke</a> for more detailed information on loans made to Waterfall, former <a href="/wiki/Miami_Dolphins" title="Miami Dolphins">Miami Dolphins</a> owner <a href="/wiki/H._Wayne_Huizenga" class="mw-redirect" title="H. Wayne Huizenga">H. Wayne Huizenga</a> and <a href="/wiki/John_Paulson" title="John Paulson">John Paulson</a>, a hedge fund manager.<sup id="cite_ref-taibbi_10-13" class="reference"><a href="#cite_note-taibbi-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Term_Asset-Backed_Securities_Loan_Facility&action=edit&section=5" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/H.R._1424" class="mw-redirect" title="H.R. 1424">H.R. 1424</a></li> <li><a href="/wiki/Mark_Pittman" title="Mark Pittman">Mark Pittman</a> – filed <a href="/wiki/Freedom_of_Information_Act_(United_States)" title="Freedom of Information Act (United States)">Freedom of Information Act</a> request leading to release of Fed transactions in December 2010</li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Term_Asset-Backed_Securities_Loan_Facility&action=edit&section=6" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width reflist-columns-2"> <ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.newyorkfed.org/newsevents/speeches/2010/sac100609.html">Reflections on the TALF and the Federal Reserve's Role as Liquidity Provider, Brian Sack, June 9 2010</a></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.federalreserve.gov/monetarypolicy/talf.htm">"Term Asset-Backed Securities Loan Facility"</a>. <i>www.federalreserve.gov</i>. US Federal Reserve<span class="reference-accessdate">. Retrieved <span class="nowrap">17 July</span> 2021</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.federalreserve.gov&rft.atitle=Term+Asset-Backed+Securities+Loan+Facility&rft_id=https%3A%2F%2Fwww.federalreserve.gov%2Fmonetarypolicy%2Ftalf.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATerm+Asset-Backed+Securities+Loan+Facility" class="Z3988"></span></span> </li> <li id="cite_note-fedrelease-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-fedrelease_3-0">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.federalreserve.gov/newsevents/press/monetary/20081125a.htm">Creation of TALF press release</a> Board of Governors of the Federal Reserve System (November 25, 2008). Retrieved April 18, 2011</span> </li> <li id="cite_note-ssrn.com-4"><span class="mw-cite-backlink">^ <a href="#cite_ref-ssrn.com_4-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-ssrn.com_4-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Wilson, Linus, Toxic Asset Subsidies and the Early Redemption of TALF Loans (August 17, 2011). Available at SSRN: <a rel="nofollow" class="external free" href="http://ssrn.com/abstract=1742640">http://ssrn.com/abstract=1742640</a></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://business.time.com/2008/11/25/tarp-goes-talf-as-frbny-lends-against-aaa-abs/">"TARP goes TALF as FRBNY lends against AAA ABS"</a> <i><a href="/wiki/Time_(magazine)" title="Time (magazine)">Time</a></i> blog (November 25, 2008). Retrieved April 18, 2011</span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.scribd.com/doc/19606939/Nomura-Synthetic-ABS-Nuances">"Synthetic ABS Nuances"</a> scribd.com Nomura Fixed Income Research (January 16, 2007). Retrieved April 19, 2011</span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.federalreserve.gov/newsevents/monetary20081125a1.pdf">"Term Asset-Backed Securities Loan Facility (TALF) Terms and Conditions"</a> (PDF) Federal Reserve (November 25, 2008). Retrieved December 23, 2008</span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.federalreserve.gov/newsevents/press/monetary/20090303a.htm">Joint press release announcing launch of TALF</a> Board of Governors of the Federal Reserve System and U.S. Department of the Treasury (March 3, 2009). Retrieved April 19, 2011</span> </li> <li id="cite_note-reuters-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-reuters_9-0">^</a></b></span> <span class="reference-text">, <a rel="nofollow" class="external text" href="https://www.reuters.com/article/us-eurozone-talf/factbox-how-the-talf-loan-program-worked-idUSTRE78E64Y20110915">"Factbox: How the TALF loan program worked"</a> Retrieved March 28, 2020</span> </li> <li id="cite_note-taibbi-10"><span class="mw-cite-backlink">^ <a href="#cite_ref-taibbi_10-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-taibbi_10-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-taibbi_10-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-taibbi_10-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-taibbi_10-4"><sup><i><b>e</b></i></sup></a> <a href="#cite_ref-taibbi_10-5"><sup><i><b>f</b></i></sup></a> <a href="#cite_ref-taibbi_10-6"><sup><i><b>g</b></i></sup></a> <a href="#cite_ref-taibbi_10-7"><sup><i><b>h</b></i></sup></a> <a href="#cite_ref-taibbi_10-8"><sup><i><b>i</b></i></sup></a> <a href="#cite_ref-taibbi_10-9"><sup><i><b>j</b></i></sup></a> <a href="#cite_ref-taibbi_10-10"><sup><i><b>k</b></i></sup></a> <a href="#cite_ref-taibbi_10-11"><sup><i><b>l</b></i></sup></a> <a href="#cite_ref-taibbi_10-12"><sup><i><b>m</b></i></sup></a> <a href="#cite_ref-taibbi_10-13"><sup><i><b>n</b></i></sup></a></span> <span class="reference-text">Matt Taibbi, <a rel="nofollow" class="external text" href="https://www.rollingstone.com/politics/news/the-real-housewives-of-wall-street-look-whos-cashing-in-on-the-bailout-20110411">"The Real Housewives of Wall Street"</a> <i>Rolling Stone</i> (April 12, 2011). Retrieved April 18, 2011</span> </li> <li id="cite_note-bberg-ccjs-11"><span class="mw-cite-backlink">^ <a href="#cite_ref-bberg-ccjs_11-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-bberg-ccjs_11-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-bberg-ccjs_11-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-bberg-ccjs_11-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-bberg-ccjs_11-4"><sup><i><b>e</b></i></sup></a> <a href="#cite_ref-bberg-ccjs_11-5"><sup><i><b>f</b></i></sup></a> <a href="#cite_ref-bberg-ccjs_11-6"><sup><i><b>g</b></i></sup></a></span> <span class="reference-text">Christopher Condon and Jody Shenn, <a rel="nofollow" class="external text" href="https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aOU4QAVClHXI&pos=3">"No Good Deed Goes Unpunished as Banks Seek Profits"</a> Bloomberg (January 4, 2010). Retrieved April 19, 2011</span> </li> <li id="cite_note-UST-fact-12"><span class="mw-cite-backlink">^ <a href="#cite_ref-UST-fact_12-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-UST-fact_12-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.treas.gov/press/releases/reports/ppip_fact_sheet.pdf">"Fact Sheet: Public-Private Investment Program"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20090324012024/http://www.treas.gov/press/releases/reports/ppip_fact_sheet.pdf">Archived</a> 2009-03-24 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> (PDF) U.S. Treasury (March 23, 2009). Retrieved March 26, 2009</span> </li> <li id="cite_note-nyt-elaed-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-nyt-elaed_13-0">^</a></b></span> <span class="reference-text">Edmund L. Andrews and Eric Dash, <a rel="nofollow" class="external text" href="https://www.nytimes.com/2009/03/24/business/economy/24bailout.html">"U.S. Expands Plan to Buy Banks’ Troubled Assets"</a> <i>The New York Times</i> (March 23, 2009). Retrieved April 19, 2011</span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text"><a href="/wiki/Paul_Krugman" title="Paul Krugman">Paul Krugman</a>, <a rel="nofollow" class="external text" href="https://krugman.blogs.nytimes.com/2009/03/23/geithner-plan-arithmetic/">"Geithner plan arithmetic"</a> <i>The New York Times</i> blog (March 23, 2009). Retrieved March 27, 2009</span> </li> <li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text">John Carney, <a rel="nofollow" class="external text" href="http://www.businessinsider.com/2009/1/meredith-whitney-a-bad-bank-wont-save-us">"Meredith Whitney: A Bad Bank Won't Save Banks"</a> Business Insider (January 29, 2009). Retrieved April 19, 2011</span> </li> <li id="cite_note-sanders-16"><span class="mw-cite-backlink">^ <a href="#cite_ref-sanders_16-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-sanders_16-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://sanders.senate.gov/newsroom/news/?id=531a8de5-e7db-4dc9-a126-6d1d1285178f">"Congress to Fed: Open the Books"</a> Bernie Sanders, U.S. Senator for Vermont. (April 29, 2009). Retrieved April 21, 2011</span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text">Don Bauder, <a rel="nofollow" class="external text" href="http://www.sandiegoreader.com/news/2011/apr/27/citylights1/">"The Federal Reserve's Money Orgy"</a> <i>San Diego Reader</i> (April 27, 2011). Retrieved May 1, 2011</span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Term_Asset-Backed_Securities_Loan_Facility&action=edit&section=7" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="http://www.newyorkfed.org/markets/talf.html">Official TALF website</a> at the New York Federal Reserve</li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output 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src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1a/Seal_of_the_United_States_Federal_Reserve_System.svg/80px-Seal_of_the_United_States_Federal_Reserve_System.svg.png" decoding="async" width="80" height="80" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1a/Seal_of_the_United_States_Federal_Reserve_System.svg/120px-Seal_of_the_United_States_Federal_Reserve_System.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1a/Seal_of_the_United_States_Federal_Reserve_System.svg/160px-Seal_of_the_United_States_Federal_Reserve_System.svg.png 2x" data-file-width="249" data-file-height="249" /></span></span></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Reports</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Beige_Book" title="Beige Book">Beige Book</a></li> <li><a href="/wiki/Federal_Reserve_Statistical_Release" title="Federal Reserve Statistical Release">Federal Reserve Statistical Release</a></li> <li><a href="/wiki/Monetary_Policy_Report_to_the_Congress" title="Monetary Policy Report to the Congress">Monetary Policy Report to the Congress</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Federal funds</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Discount_window" title="Discount window">Discount window</a> <ul><li><a href="/wiki/Bank_rate" title="Bank rate">Bank rate</a></li></ul></li> <li><a href="/wiki/Federal_funds" title="Federal funds">Federal funds</a></li> <li><a href="/wiki/Federal_funds_rate" title="Federal funds rate">Federal funds rate</a> <ul><li><a href="/wiki/Overnight_rate" title="Overnight rate">Overnight rate</a></li></ul></li> <li><a href="/wiki/Primary_dealer" title="Primary dealer">Primary dealer</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/History_of_the_Federal_Reserve_System" title="History of the Federal Reserve System">History</a><br />(<a href="/wiki/History_of_central_banking_in_the_United_States" title="History of central banking in the United States">Antecedents</a>)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Aldrich%E2%80%93Vreeland_Act" title="Aldrich–Vreeland Act">Aldrich–Vreeland Act</a> (1908)</li> <li><a href="/wiki/National_Monetary_Commission" title="National Monetary Commission">National Monetary Commission</a> (1909–1912)</li> <li><a href="/wiki/Federal_Reserve_Act" title="Federal Reserve Act">Federal Reserve Act</a> (1913)</li> <li><a href="/wiki/Pittman_Act" title="Pittman Act">Pittman Act</a> (1918)</li> <li><a href="/wiki/Edge_Act" title="Edge Act">Edge Act</a> (1919)</li> <li><a href="/wiki/Phelan_Act_of_1920" title="Phelan Act of 1920">Phelan Act</a> (1920)</li> <li><a href="/wiki/Regulation_D_(FRB)" title="Regulation D (FRB)">Regulation D</a> (c. 1930)</li> <li><a href="/wiki/Emergency_Banking_Act" class="mw-redirect" title="Emergency Banking Act">Emergency Banking Act</a> (1933)</li> <li><a href="/wiki/Regulation_Q" title="Regulation Q">Regulation Q</a> (1933)</li> <li><a href="/wiki/1933_Banking_Act" title="1933 Banking Act">Glass–Steagall Act</a> (1933)</li> <li><a href="/wiki/Gold_Reserve_Act" title="Gold Reserve Act">Gold Reserve Act</a> (1934)</li> <li><a href="/wiki/Banking_Act_of_1935" title="Banking Act of 1935">Banking Act of 1935</a></li> <li><a href="/wiki/Bretton_Woods_system" title="Bretton Woods system">Bretton Woods system</a> (1944–1971)</li> <li><a href="/wiki/Employment_Act_of_1946" title="Employment Act of 1946">Employment Act of 1946</a></li> <li><a href="/wiki/History_of_the_Federal_Reserve_System" title="History of the Federal Reserve System">U.S. Treasury Department Accord</a> (1951)</li> <li><a href="/wiki/Bank_Holding_Company_Act" title="Bank Holding Company Act">Bank Holding Company Act</a> (1956)</li> <li><a href="/wiki/History_of_Federal_Open_Market_Committee_actions" title="History of Federal Open Market Committee actions">FOMC actions</a> (1961–present)</li> <li><a href="/wiki/Truth_in_Lending_Act" title="Truth in Lending Act">Truth in Lending Act</a> (1968)</li> <li><a href="/wiki/Nixon_shock" title="Nixon shock">Nixon shock</a> (1971)</li> <li><a href="/wiki/Smithsonian_Agreement" title="Smithsonian Agreement">Smithsonian Agreement</a> (1971)</li> <li><a href="/wiki/Equal_Credit_Opportunity_Act" title="Equal Credit Opportunity Act">Equal Credit Opportunity Act</a> (1974)</li> <li><a href="/wiki/Home_Mortgage_Disclosure_Act" title="Home Mortgage Disclosure Act">Home Mortgage Disclosure Act</a> (1975)</li> <li><a href="/wiki/Community_Reinvestment_Act" title="Community Reinvestment Act">Community Reinvestment Act</a> (1977)</li> <li><a href="/wiki/Federal_Reserve_Reform_Act_of_1977" title="Federal Reserve Reform Act of 1977">Federal Reserve Reform Act</a> (1977)</li> <li><a href="/wiki/Electronic_Fund_Transfer_Act" title="Electronic Fund Transfer Act">Electronic Fund Transfer Act</a> (1978)</li> <li><a href="/wiki/Humphrey%E2%80%93Hawkins_Full_Employment_Act" title="Humphrey–Hawkins Full Employment Act">Humphrey–Hawkins Full Employment Act</a> (1978)</li> <li><a href="/wiki/International_Banking_Act_of_1978" title="International Banking Act of 1978">International Banking Act</a> (1978)</li> <li><a href="/wiki/Depository_Institutions_Deregulation_and_Monetary_Control_Act" title="Depository Institutions Deregulation and Monetary Control Act">DIDMC Act</a> (1980)</li> <li><i><a href="/wiki/Board_of_Governors,_FRS_v._Investment_Co._Institute" title="Board of Governors, FRS v. Investment Co. Institute">Federal Reserve v. Investment Co. Institute</a></i> (1981)</li> <li><i><a href="/wiki/Bank_of_New_England" title="Bank of New England">Northeast Bancorp v. Federal Reserve</a></i> (1985)</li> <li><a href="/wiki/Greenspan_put" title="Greenspan put">Greenspan put</a> (1987)</li> <li><a href="/wiki/Expedited_Funds_Availability_Act" title="Expedited Funds Availability Act">Expedited Funds Availability Act</a> (1987)</li> <li><a href="/wiki/Financial_Institutions_Reform,_Recovery,_and_Enforcement_Act_of_1989" title="Financial Institutions Reform, Recovery, and Enforcement Act of 1989">FIRRE Act</a> (1989)</li> <li><a href="/wiki/Federal_Deposit_Insurance_Corporation_Improvement_Act_of_1991" title="Federal Deposit Insurance Corporation Improvement Act of 1991">FDIC Improvement Act</a> (1991)</li> <li><a href="/wiki/Gramm%E2%80%93Leach%E2%80%93Bliley_Act" title="Gramm–Leach–Bliley Act">Gramm–Leach–Bliley Act</a> (1999)</li> <li><a href="/wiki/Federal_Reserve_responses_to_the_subprime_crisis" title="Federal Reserve responses to the subprime crisis">Subprime mortgage crisis responses</a> (2007–2010)</li> <li><a href="/wiki/Emergency_Economic_Stabilization_Act_of_2008" title="Emergency Economic Stabilization Act of 2008">Emergency Economic Stabilization Act</a> (2008)</li> <li><a href="/wiki/Unfair_or_Deceptive_Acts_or_Practices" title="Unfair or Deceptive Acts or Practices">Unfair or Deceptive Acts or Practices</a> (2008)</li> <li><a href="/wiki/Commercial_Paper_Funding_Facility" title="Commercial Paper Funding Facility">Commercial Paper Funding Facility</a> (2008–2010)</li> <li><a href="/wiki/Primary_Dealer_Credit_Facility" title="Primary Dealer Credit Facility">Primary Dealer Credit Facility</a> (2008–2010)</li> <li><i><a href="/wiki/Bloomberg_L.P._v._Board_of_Governors_of_the_Federal_Reserve_System" title="Bloomberg L.P. v. Board of Governors of the Federal Reserve System">Bloomberg v. Federal Reserve</a></i> (2009)</li> <li><a href="/wiki/2009_Supervisory_Capital_Assessment_Program" title="2009 Supervisory Capital Assessment Program">2009 Supervisory Capital Assessment Program</a></li> <li><a class="mw-selflink selflink">Term Asset-Backed Securities Loan Facility</a> (2009–2010)</li> <li><a href="/wiki/Public%E2%80%93Private_Investment_Program_for_Legacy_Assets" title="Public–Private Investment Program for Legacy Assets">Public–Private Investment Program for Legacy Assets</a> (2009–)</li> <li><a href="/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act" title="Dodd–Frank Wall Street Reform and Consumer Protection Act">Dodd–Frank Act</a> (2010; <a href="/wiki/Durbin_amendment" title="Durbin amendment">Durbin amendment</a>)</li> <li><a href="/wiki/Commercial_Paper_Funding_Facility" title="Commercial Paper Funding Facility">Commercial Paper Funding Facility</a> (2020–2021)</li> <li><i><a href="/wiki/Corner_Post,_Inc._v._Board_of_Governors_of_the_Federal_Reserve_System" title="Corner Post, Inc. v. Board of Governors of the Federal Reserve System">Corner Post v. Federal Reserve</a></i> (2024)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Chair_of_the_Federal_Reserve" title="Chair of the Federal Reserve">Chairs</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Charles_Sumner_Hamlin" title="Charles Sumner Hamlin">Charles S. Hamlin</a> (1914–1916)</li> <li><a href="/wiki/William_P._G._Harding" title="William P. G. Harding">William P. G. Harding</a> (1916–1922)</li> <li><a href="/wiki/Daniel_Richard_Crissinger" title="Daniel Richard Crissinger">Daniel R. Crissinger</a> (1923–1927)</li> <li><a href="/wiki/Roy_A._Young" title="Roy A. Young">Roy A. Young</a> (1927–1930)</li> <li><a href="/wiki/Eugene_Meyer_(financier)" title="Eugene Meyer (financier)">Eugene Meyer</a> (1930–1933)</li> <li><a href="/wiki/Eugene_Robert_Black" title="Eugene Robert Black">Eugene R. Black</a> (1933–1934)</li> <li><a href="/wiki/Marriner_S._Eccles" title="Marriner S. Eccles">Marriner S. Eccles</a> (1934–1948)</li> <li><a href="/wiki/Thomas_B._McCabe" title="Thomas B. McCabe">Thomas B. McCabe</a> (1948–1951)</li> <li><a href="/wiki/William_McChesney_Martin" title="William McChesney Martin">William M. Martin</a> (1951–1970)</li> <li><a href="/wiki/Arthur_F._Burns" title="Arthur F. Burns">Arthur F. Burns</a> (1970–1978)</li> <li><a href="/wiki/G._William_Miller" title="G. William Miller">G. William Miller</a> (1978–1979)</li> <li><a href="/wiki/Paul_Volcker" title="Paul Volcker">Paul Volcker</a> (1979–1987)</li> <li><a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Alan Greenspan</a> (1987–2006)</li> <li><a href="/wiki/Ben_Bernanke" title="Ben Bernanke">Ben Bernanke</a> (2006–2014)</li> <li><a href="/wiki/Janet_Yellen" title="Janet Yellen">Janet Yellen</a> (2014–2018)</li> <li><a href="/wiki/Jerome_Powell" title="Jerome Powell">Jerome Powell</a> (2018–present)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Federal_Reserve_Board_of_Governors" title="Federal Reserve Board of Governors">Current<br />governors</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Jerome_Powell" title="Jerome Powell">Jerome Powell</a> (<a href="/wiki/Chair_of_the_Federal_Reserve" title="Chair of the Federal Reserve">Chair</a>)</li> <li><a href="/wiki/Philip_Jefferson" title="Philip Jefferson">Philip Jefferson</a> (<a href="/wiki/Vice_Chair_of_the_Federal_Reserve" title="Vice Chair of the Federal Reserve">Vice Chair</a>)</li> <li><a href="/wiki/Michael_Barr_(Treasury_official)" class="mw-redirect" title="Michael Barr (Treasury official)">Michael Barr</a> (<a href="/wiki/Vice_Chair_of_the_Federal_Reserve" title="Vice Chair of the Federal Reserve">Vice Chair for Supervision</a>)</li> <li><a href="/wiki/Michelle_Bowman" title="Michelle Bowman">Michelle Bowman</a></li> <li><a href="/wiki/Christopher_Waller" title="Christopher Waller">Christopher Waller</a></li> <li><a href="/wiki/Lisa_D._Cook" title="Lisa D. Cook">Lisa D. Cook</a></li> <li><a href="/wiki/Adriana_Kugler" title="Adriana Kugler">Adriana Kugler</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Current presidents<br />(by district)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Susan_M._Collins_(economist)" title="Susan M. Collins (economist)">Susan Collins</a> (<a href="/wiki/Federal_Reserve_Bank_of_Boston" title="Federal Reserve Bank of Boston">Boston</a>)</li> <li><a href="/wiki/John_C._Williams_(economist)" title="John C. Williams (economist)">John Williams</a> (<a href="/wiki/Federal_Reserve_Bank_of_New_York" title="Federal Reserve Bank of New York">New York</a>)</li> <li><a href="/wiki/Patrick_T._Harker" title="Patrick T. Harker">Patrick T. Harker</a> (<a href="/wiki/Federal_Reserve_Bank_of_Philadelphia" title="Federal Reserve Bank of Philadelphia">Philadelphia</a>)</li> <li><a href="/wiki/Beth_M._Hammack" title="Beth M. Hammack">Beth M. Hammack</a> (<a href="/wiki/Federal_Reserve_Bank_of_Cleveland" title="Federal Reserve Bank of Cleveland">Cleveland</a>)</li> <li><a href="/wiki/Thomas_Barkin" title="Thomas Barkin">Thomas Barkin</a> (<a href="/wiki/Federal_Reserve_Bank_of_Richmond" title="Federal Reserve Bank of Richmond">Richmond</a>)</li> <li><a href="/wiki/Raphael_Bostic" title="Raphael Bostic">Raphael Bostic</a> (<a href="/wiki/Federal_Reserve_Bank_of_Atlanta" title="Federal Reserve Bank of Atlanta">Atlanta</a>)</li> <li><a href="/wiki/Austan_Goolsbee" title="Austan Goolsbee">Austan Goolsbee</a> (<a href="/wiki/Federal_Reserve_Bank_of_Chicago" title="Federal Reserve Bank of Chicago">Chicago</a>)</li> <li><a href="/wiki/Alberto_Musalem" title="Alberto Musalem">Alberto Musalem</a> (<a href="/wiki/Federal_Reserve_Bank_of_St._Louis" title="Federal Reserve Bank of St. Louis">St. Louis</a>)</li> <li><a href="/wiki/Neel_Kashkari" title="Neel Kashkari">Neel Kashkari</a> (<a href="/wiki/Federal_Reserve_Bank_of_Minneapolis" title="Federal Reserve Bank of Minneapolis">Minneapolis</a>)</li> <li><a href="/wiki/Jeffrey_Schmid" title="Jeffrey Schmid">Jeff Schmid</a> (<a href="/wiki/Federal_Reserve_Bank_of_Kansas_City" title="Federal Reserve Bank of Kansas City">Kansas City</a>)</li> <li><a href="/wiki/Lorie_K._Logan" title="Lorie K. Logan">Lorie Logan</a> (<a href="/wiki/Federal_Reserve_Bank_of_Dallas" title="Federal Reserve Bank of Dallas">Dallas</a>)</li> <li><a href="/wiki/Mary_C._Daly" title="Mary C. Daly">Mary C. Daly</a> (<a href="/wiki/Federal_Reserve_Bank_of_San_Francisco" title="Federal Reserve Bank of San Francisco">San Francisco</a>)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Central_bank" title="Central bank">Central bank</a></li> <li><a href="/wiki/Criticism_of_the_Federal_Reserve" title="Criticism of the Federal Reserve">Criticism of the Federal Reserve</a></li> <li><a href="/wiki/Fed_model" title="Fed model">Fed model</a></li> <li><a href="/wiki/Fedspeak" title="Fedspeak">Fedspeak</a></li> <li><a href="/wiki/Fed_put" class="mw-redirect" title="Fed put">Fed put</a></li> <li><a href="/wiki/Lender_of_last_resort" title="Lender of last resort">Lender of last resort</a></li> <li><a href="/wiki/Monetary_policy_of_the_United_States" title="Monetary policy of the United States">Monetary policy of the United States</a> <ul><li><a href="/wiki/History_of_monetary_policy_in_the_United_States" title="History of monetary policy in the United States">History</a></li></ul></li> <li><a href="/wiki/Personal_consumption_expenditures_price_index" title="Personal consumption expenditures price index">Personal consumption expenditures price index</a></li> <li><a href="/wiki/Sahm_rule" title="Sahm rule">Sahm rule</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Great_Recession" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Great_Recession" title="Template:Great Recession"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Great_Recession" title="Template talk:Great Recession"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Great_Recession" title="Special:EditPage/Template:Great Recession"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Great_Recession" style="font-size:114%;margin:0 4em"><a href="/wiki/Great_Recession" title="Great Recession">Great Recession</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">By region</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Great_Recession_in_Africa" title="Great Recession in Africa">Africa</a></li> <li><a href="/wiki/Great_Recession_in_the_Americas" title="Great Recession in the Americas">Americas</a> <ul><li><a href="/wiki/Great_Recession_in_the_United_States" title="Great Recession in the United States">United States</a></li> <li><a href="/wiki/Great_Recession_in_South_America" title="Great Recession in South America">South America</a></li></ul></li> <li><a href="/wiki/Great_Recession_in_Asia" title="Great Recession in Asia">Asia</a></li> <li><a href="/wiki/Great_Recession_in_Europe" title="Great Recession in Europe">Europe</a> <ul><li><a href="/wiki/2008%E2%80%932011_Icelandic_financial_crisis" title="2008–2011 Icelandic financial crisis">Iceland</a></li></ul></li> <li><a href="/wiki/Great_Recession_in_Oceania" title="Great Recession in Oceania">Oceania</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">United States-specific</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Automotive_industry_crisis_of_2008%E2%80%932010" class="mw-redirect" title="Automotive industry crisis of 2008–2010">Automotive industry crisis</a></li> <li><a href="/wiki/2008%E2%80%932012_California_budget_crisis" title="2008–2012 California budget crisis">California budget crisis</a></li> <li><a href="/wiki/United_States_housing_bubble" class="mw-redirect" title="United States housing bubble">Housing bubble</a></li> <li><a href="/wiki/United_States_housing_market_correction" class="mw-redirect" title="United States housing market correction">Housing market correction</a></li> <li><a href="/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis">Subprime mortgage crisis</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Banking losses and fraud</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Libor_scandal" title="Libor scandal">Libor scandal</a> <ul><li><a href="/wiki/Tom_Hayes_(trader)" title="Tom Hayes (trader)">Tom Hayes</a></li></ul></li> <li><a href="/wiki/2008_Soci%C3%A9t%C3%A9_G%C3%A9n%C3%A9rale_trading_loss" title="2008 Société Générale trading loss">Société Générale trading loss</a></li> <li><a href="/wiki/Forex_scandal" title="Forex scandal">Forex scandal</a></li> <li><a href="/wiki/Bernie_Madoff" title="Bernie Madoff">Bernie Madoff</a></li> <li><a href="/wiki/Tom_Petters" title="Tom Petters">Tom Petters</a></li> <li><a href="/wiki/Scott_W._Rothstein" title="Scott W. Rothstein">Scott W. Rothstein</a></li> <li><a href="/wiki/Allen_Stanford" title="Allen Stanford">Allen Stanford</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Government entities</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Consumer_Financial_Protection_Bureau" title="Consumer Financial Protection Bureau">Consumer Financial Protection Bureau</a></li> <li><a href="/wiki/Federal_Deposit_Insurance_Corporation" title="Federal Deposit Insurance Corporation">Federal Deposit Insurance Corporation</a></li> <li><a href="/wiki/Federal_Home_Loan_Banks" title="Federal Home Loan Banks">Federal Home Loan Banks</a></li> <li><a href="/wiki/Federal_Housing_Administration" title="Federal Housing Administration">Federal Housing Administration</a></li> <li><a href="/wiki/Federal_Housing_Finance_Agency" title="Federal Housing Finance Agency">Federal Housing Finance Agency</a></li> <li><a href="/wiki/Federal_Housing_Finance_Board" title="Federal Housing Finance Board">Federal Housing Finance Board</a></li> <li><a href="/wiki/Federal_Reserve_System" class="mw-redirect" title="Federal Reserve System">Federal Reserve System</a></li> <li><a href="/wiki/Government_National_Mortgage_Association" title="Government National Mortgage Association">Government National Mortgage Association</a></li> <li><a href="/wiki/National_Asset_Management_Agency" title="National Asset Management Agency">National Asset Management Agency</a></li> <li><a href="/wiki/Office_of_Federal_Housing_Enterprise_Oversight" title="Office of Federal Housing Enterprise Oversight">Office of Federal Housing Enterprise Oversight</a></li> <li><a href="/wiki/Assistant_Secretary_of_the_Treasury_for_Financial_Stability" title="Assistant Secretary of the Treasury for Financial Stability">Office of Financial Stability</a></li> <li><a href="/wiki/UK_Financial_Investments" title="UK Financial Investments">UK Financial Investments</a></li></ul> </div></td></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks mw-collapsible autocollapse navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><div id="Government_policy_and_spending_responses" style="font-size:114%;margin:0 4em">Government policy and spending responses</div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Banking and finance<br /> stability and reform</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Banking_(Special_Provisions)_Act_2008" title="Banking (Special Provisions) Act 2008">Banking (Special Provisions) Act 2008</a></li> <li><a href="/wiki/China%E2%80%93Japan%E2%80%93South_Korea_trilateral_summit" title="China–Japan–South Korea trilateral summit">China–Japan–South Korea trilateral summit</a></li> <li><a href="/wiki/Commercial_Paper_Funding_Facility" title="Commercial Paper Funding Facility">Commercial Paper Funding Facility</a></li> <li><a href="/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act" title="Dodd–Frank Wall Street Reform and Consumer Protection Act">Dodd–Frank Wall Street Reform and Consumer Protection Act</a></li> <li><a href="/wiki/Emergency_Economic_Stabilization_Act_of_2008" title="Emergency Economic Stabilization Act of 2008">Emergency Economic Stabilization Act of 2008</a></li> <li><a href="/wiki/Irish_emergency_budget,_2009" class="mw-redirect" title="Irish emergency budget, 2009">Irish emergency budget, 2009</a></li> <li><a href="/wiki/Temporary_Liquidity_Guarantee_Program" title="Temporary Liquidity Guarantee Program">Temporary Liquidity Guarantee Program</a></li> <li><a class="mw-selflink selflink">Term Asset-Backed Securities Loan Facility</a></li> <li><a href="/wiki/Troubled_Asset_Relief_Program" title="Troubled Asset Relief Program">Troubled Asset Relief Program</a></li> <li><a href="/wiki/2008_United_Kingdom_bank_rescue_package" title="2008 United Kingdom bank rescue package">2008 United Kingdom bank rescue package</a></li></ul> </div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th id="Bank_stress_tests" scope="row" class="navbox-group" style="width:1%">Bank stress tests</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/2010_European_Union_bank_stress_test" title="2010 European Union bank stress test">EU</a></li> <li><a href="/wiki/2009_Supervisory_Capital_Assessment_Program" title="2009 Supervisory Capital Assessment Program">U.S.</a></li></ul> </div></td></tr></tbody></table><div> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Stimulus and recovery</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0;background: #f7f7f7;"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/2008_European_Union_stimulus_plan" title="2008 European Union stimulus plan">2008 European Union stimulus plan</a></li> <li><a href="/wiki/2008%E2%80%932009_Keynesian_resurgence" title="2008–2009 Keynesian resurgence">2008–2009 Keynesian resurgence</a></li> <li><a href="/wiki/American_Recovery_and_Reinvestment_Act_of_2009" title="American Recovery and Reinvestment Act of 2009">American Recovery and Reinvestment Act of 2009</a></li> <li><a href="/wiki/Chinese_economic_stimulus_program" title="Chinese economic stimulus program">Chinese economic stimulus program</a></li> <li><a href="/wiki/Economic_Stimulus_Act_of_2008" title="Economic Stimulus Act of 2008">Economic Stimulus Act of 2008</a></li> <li><a href="/wiki/Fraud_Enforcement_and_Recovery_Act_of_2009" title="Fraud Enforcement and Recovery Act of 2009">Fraud Enforcement and Recovery Act of 2009</a></li> <li><a href="/wiki/Green_New_Deal" title="Green New Deal">Green New Deal</a></li> <li><a href="/wiki/Housing_and_Economic_Recovery_Act_of_2008" title="Housing and Economic Recovery Act of 2008">Housing and Economic Recovery Act of 2008</a></li> <li><a href="/wiki/National_fiscal_policy_response_to_the_Great_Recession" class="mw-redirect" title="National fiscal policy response to the Great Recession">National fiscal policy response to the Great Recession</a></li> <li><a href="/wiki/Zero_interest-rate_policy" title="Zero interest-rate policy">Zero interest-rate policy</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Government interventions,<br /> rescues, and acquisitions</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0;background: transparent;"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_banks_acquired_or_bankrupted_during_the_Great_Recession" title="List of banks acquired or bankrupted during the Great Recession">List of banks acquired or bankrupted during the Great Recession</a></li></ul> </div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th id="Non-banking" scope="row" class="navbox-group" style="width:1%">Non-banking</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Chrysler" title="Chrysler">Chrysler</a></li> <li><a href="/wiki/General_Motors" title="General Motors">General Motors</a></li></ul> </div></td></tr></tbody></table><div> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Securities involved <br /> and financial markets</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Auction_rate_security" title="Auction rate security">Auction rate securities</a></li> <li><a href="/wiki/Collateralized_debt_obligation" title="Collateralized debt obligation">Collateralized debt obligations</a></li> <li><a href="/wiki/Collateralized_mortgage_obligation" title="Collateralized mortgage obligation">Collateralized mortgage obligations</a></li> <li><a href="/wiki/Credit_default_swap" title="Credit default swap">Credit default swaps</a></li> <li><a href="/wiki/Mortgage-backed_security" title="Mortgage-backed security">Mortgage-backed securities</a></li> <li><a href="/wiki/Secondary_mortgage_market" title="Secondary mortgage market">Secondary mortgage market</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Social responses</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Tea_Party_protests" title="Tea Party protests">Tea Party protests</a> (United States; c. 2009)</li> <li><a href="/wiki/2009_May_Day_protests" title="2009 May Day protests">2009 May Day protests</a> (Europe, Middle East and North Africa, Asia; 2009)</li> <li><a href="/wiki/Arab_Spring" title="Arab Spring">Arab Spring</a> (MENA; 2010–2012)</li> <li><a href="/wiki/Occupy_movement" title="Occupy movement">Occupy movement</a> (worldwide; 2011–2012) <ul><li><a href="/wiki/Occupy_Wall_Street" title="Occupy Wall Street">Occupy Wall Street</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related topics</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/2000s_energy_crisis" title="2000s energy crisis">2000s energy crisis</a> <ul><li><a href="/wiki/2008_Central_Asia_energy_crisis" title="2008 Central Asia energy crisis">2008 Central Asia energy crisis</a></li></ul></li> <li><a href="/wiki/Effects_of_the_Great_Recession_on_museums" title="Effects of the Great Recession on museums">Effects of the Great Recession on 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