Notice is a historical project of the Committee for a Responsible Federal Budget, which tracked the money spent by the 2009 stimulus bill. This site is not regularly updated.

Commercial Paper Funding Facility

October 7, 2008
Policy Area: 
Economic Target: 
Action Type: 
Maximum Amount: 
$1,800.00 billion

Federal Reserve increases market liquidity by purchasing three month unsecured and asset-backed commercial paper directly from selected corporate issuers.

As has been previously announced, the Fed closed this program on February 1, 2010, along with three other Fed lending facilities that were created in response to the economic and financial crisis: Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility, Primary Dealer Credit Facility, and the Term Securities Lending Facility.


Maximum amount indicates size of the market. Amount spent indicates outstanding loans as of 7/28/2010 (  Activities of the Federal Reserve are not directly recorded in the federal budget.  However, each year the Federal Reserve remits a portion of its earnings to the general treasury.  This remittance is generally in the range of $20-$30 billion per year, but the CBO estimates that the Fed's earnings will be lower by approximately $90 billion over the next ten years.

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