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Federal Reserve
Seal of the United States Federal Reserve System.svg
Seal of the Federal Reserve System

Flag of the United States Federal Reserve.svg
Flag of the Federal Reserve System
HeadquartersEccles Building, Washington, D.C., U.S.
EstablishedDecember 23, 1913 (106 years ago) (1913-12-23)
OwnershipThe US government [1]
Governing bodyBoard of Governors
ChairJerome Powell
Vice ChairRichard Clarida
Central bank ofUnited States
CurrencyUnited States dollar
USD (ISO 4217)
Reserve requirementsNone[2]
Bank rate0.25%[3]
Interest rate target0% to 0.25%[4]
Interest on reserves0.10%[5]
Interest paid on excess reserves?Yes
Websitefederalreserve.gov Edit this at Wikidata
Federal Reserve
Agency overview
JurisdictionFederal government of the United States
Child agency

The Federal Reserve initially authorized up to five "small-value offerings are designed to ensure the

The Federal Reserve initially authorized up to five "small-value offerings are designed to ensure the effectiveness of TDF operations and to provide eligible institutions with an opportunity to gain familiarity with term deposit procedures."[133] After three of the offering auctions were successfully completed, it was announced that small-value auctions would continue on an ongoing basis.[134]

The Term De

The Term Deposit Facility is essentially a tool available to reverse the efforts that have been employed to provide liquidity to the financial markets and to reduce the amount of capital available to the economy. As stated in Bloomberg News:

Policy makers led by Chairman Ben S. Bernanke are preparing for the day when they will have to start siphoning off more than $1 trillion in excess reserves from the banking system to contain inflation. The Fed is charting an eventual return to normal monetary policy, even as a weakening near-term outlook has raised the possibility it may expand its balance sheet.[135]

Chairman Ben S. Bernanke, testifying before House Committee on Financial Services, described the Term

Chairman Ben S. Bernanke, testifying before House Committee on Financial Services, described the Term Deposit Facility and other facilities to Congress in the following terms:

[136]

The Asset Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (ABCPMMMFLF) was also called the AMLF. The Facility began operations on September 22, 2008, and was closed on February 1, 2010.[137]

All U.S. depository institutions, bank holding companies (parent companies or U.S. broker-dealer affiliates), or U.S. branches and agencies of foreign banks were eligible to borrow under this facility pursuant to the discretion of the FRBB.

Collateral eligible for pledge under the Facility was required to meet the following criteria:

  • was purchased by Borrower on or after September 19, 2008 from a registered investment company that held itself out as a money market mutual fund;
  • w

    All U.S. depository institutions, bank holding companies (parent companies or U.S. broker-dealer affiliates), or U.S. branches and agencies of foreign banks were eligible to borrow under this facility pursuant to the discretion of the FRBB.

    Collateral eligible for pledge under the Facility was required to meet the following criteria: