Monthly Report on Credit and Liquidity Programs
and the Balance Sheet

Purpose

The Federal Reserve prepares this monthly report as part of its efforts to enhance transparency about the range of programs and tools that have been implemented in response to the financial crisis and to ensure appropriate accountability to the Congress and the public. The Federal Reserve's statutory mandate in conducting monetary policy is to foster maximum employment and stable prices. Financial stability is a critical prerequisite for achieving sustainable economic growth and price stability, and the Federal Reserve implemented a number of credit and liquidity programs to support the liquidity of financial institutions and to foster improved conditions in financial markets in response to the extraordinary strains that began to emerge in the summer of 2007.

This report provides detailed information on the policy tools that were implemented to address the financial crisis. It also provides financial reporting for the Federal Reserve System for the first quarter of 2012.

In fulfillment of Section 129 of the Emergency Economic Stabilization Act of 2008, additional information on the status of certain credit facilities implemented in response to the financial crisis is included as Appendix A of this report. Information related to the Federal Reserve's temporary liquidity programs and facilities that have closed or expired is included in Appendix B of this report.

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Dodd-Frank Act"), which was signed into law on July 21, 2010, included provisions designed to further promote transparency by requiring disclosure of certain information about entities that received loans or otherwise participated in Federal Reserve credit and liquidity programs. As provided by the Dodd-Frank Act, transaction-level details and audit information from December 1, 2007, to July 21, 2010, are posted on the Federal Reserve Board's public website.¹ Further information on the transparency provisions of the Dodd-Frank Act is included in Appendix C of this report.

For prior editions of this report and other resources, please visit the Board's public website at www.federalreserve.gov/monetarypolicy/clbsreports.htm.

Note: Financial information in this report has not been audited. Financial data are audited annually and are available at www.federalreserve.gov/monetarypolicy/bst_fedfinancials.htm.

1. This detailed information can be found at www.federalreserve.gov/newsevents/reform_transaction.htm and www.federalreserve.gov/newsevents/reform_audit.htm. Return to text

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