Keeping Track of
the Financial Crisis
James Bullard speaks on the origins of the financial crisis:
| » | "What Challenges Do We Face for Regulatory Reform?" June 15, 2009. Video | Transcript |
| » | "Did the Fed Leave Interest Rates Too Low for Too Long?" June 11, 2009. Video | Transcript |
| » | "What Happened?" June 9, 2009. Video | Transcript |
Federal Reserve and Government Agency Links
| » | Federal Reserve Board: Credit and Liquidity Programs |
| » | St. Louis Fed: Foreclosure Resource Center |
| » | New York Fed: Forms of Federal Reserve Lending to Financial Institutions |
| » | FDIC Failed Bank List |
Frequently Asked Questions about the Financial Crisis
The financial crisis has interfered with the Fed's ability to operate a conventional monetary policy. Lender-of-last-resort measures have been a primary focus. The FOMC has reduced its target for t...
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Monetary policy remains potent. Even with the fed funds rate at zero, the Fed can continue to influence financial markets and the economy through open market operations and various lending programs...
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Recent News
Citing continued improvement in financial market conditions, the Federal Reserve Board approves a reduction in the maximum maturity of primary credit loans at the discount window for depository institutions to 28 days from 90 days effective January 14, 2010. The Federal Reserve had lengthened the maximum maturity of primary credit loans first to 30 days on August 17, 2007, and then to 90 days on March 16, 2008.
The Federal Reserve Board announces that 9 of the 10 bank holding companies that were determined in the Supervisory Capital Assessment Program earlier this year to need to raise capital or improve the quality of their capital now have increased their capital sufficiently to meet or exceed their required capital buffers. GMAC was the one firm that to date has not raised enough capital to meet its required capital buffer.
Fannie Mae reports a net loss of $18.9 billion in the third quarter of 2009, compared with a loss of $14.8 billion in the second quarter of 2009. The loss resulted in a net worth deficit of $15.0 billion as of September 30,2009. The Acting Director of the Federal Housing Finance Agency submitted a request for $15.0 billion from the U.S. Treasury to cover the deficit. Fannie Mae has lost a total of $111 billion since September, 2008, when the firm was placed under government conservatorship.