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OverviewThe deepening of the financial crisis in 2008 led the Federal Reserve (Fed) to revive an obscure provision found in Section 13(3) of the Federal Reserve Act (12 U.S.C. 344) to extend credit to nonbank financial firms for the first time since the 1930s. Section 13(3) provides the Fed with greater flexibility than its normal lending authority. Using this authority, the Fed created six broadly based facilities (of which only five were used) to provide liquidity to primary dealers (certain large investment firms) and to revive demand for commercial paper and asset-backed securities. More controversially, the Fed provided special, tailored assistance exclusively to four firms that the Fed considered too big to fail -- AIG, Bear Stearns, Citigroup, and Bank of America. This book provides a review of the history of Section 13(3), including its use in 2008. It discusses the Feds authority under Section 13(3) before and after the Dodd-Frank Act. It then discusses policy issues and legislation to amend Section 13(3), including H.R. 3189, which passed the House on November 19, 2015. Full Product DetailsAuthor: Felicia EstradaPublisher: Nova Science Publishers Inc Imprint: Nova Science Publishers Inc Weight: 0.358kg ISBN: 9781634853934ISBN 10: 1634853938 Pages: 150 Publication Date: 01 September 2016 Audience: Professional and scholarly , Professional & Vocational Format: Paperback Publisher's Status: Active Availability: In Print This item will be ordered in for you from one of our suppliers. Upon receipt, we will promptly dispatch it out to you. For in store availability, please contact us. Table of ContentsPreface; Federal Reserve: Emergency Lending; Government Assistance for AIG: Summary & Cost; Systemically Important or Too Big to Fail Financial Institutions; Index.ReviewsAuthor InformationTab Content 6Author Website:Countries AvailableAll regions |