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 steps taken since the summer of 2007 were necessary to support the liquidity of financial institutions and foster improved conditions in financial markets in light of the extraordinary strains.

This report provides detailed information on the policy tools that have been implemented since the summer of 2007. It also provides financial reporting for the first quarter of 2010.

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.

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

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