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.

Term Securities Lending Facility

March 11, 2008
Policy Area: 
Economic Target: 
Action Type: 
Maximum Amount: 
$75.00 billion

Lending entity created by the Federal Reserve to promote liquidity for primary dealers in the financing markets for Treasury and other collateral.  A primary dealer is a bank or securities firm that trades directly with the Federal Reserve.  Loans given are for a 28-day period.  Initially, the maximum lending allowed through the facility was $200 billion.

However, in a Fed press release on 6/25/2009, the Fed reduced the maximum loan amount available through the facility to $75 billion due to weak demand in recent months.

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, Commercial Paper Funding Facility, and the Primary Dealer Credit Facility.


Amount spent indicates loans extended as of 6/9/2010 (  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.

Website Design and Development, Washington DC