Forward Term Auction Loan Facility
Date:
September 29, 2008
Policy Area:
Financial Sector Policy
Economic Target:
Financial Institutions
Action Type:
Loans
Maximum Amount:
$44.00 billion Total of two auctions for 17-day and 13-day Term Auction Facility (TAF) loans conducted in December, designed to provide market reassurance about availability of TAF funding at year end. Loans came due in late December 2008 and early January 2009 (all already repaid).
Notes:
Maximum amount indicates amount lent across both options. Amount spent indicates net cost of loans.
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.