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.

Options on Term Security Lending Facility Auctions

September 15, 2008
Policy Area: 
Economic Target: 
Action Type: 
Maximum Amount: 
$50.00 billion

Federal Reserve auctions an additional $50 billion (maximum) of options under its Term Security Lending Facility (TSLF) auctions.   Participating primary dealers receive Treasury securities (Treasury bills, notes, bonds or TIPS) in exchange for approved forms of collateral.  Loans are short-term, usually less than the 28 days for normal TSLF loans.   Primary dealers might exercise this option during times when they typically face heightened market pressure to hold additional collateral, such as near the end of the business quarter.




Maximum amount is announced maximum value of program.  Amount spent is total value of options not yet exercised or not yet at maturity (see here for details). Data current as of 10/7/2009.  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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