Section 13 3

As enacted by public law 111 203 124.

Section 13 3. Section 13 3 was the source of authority for federal reserve lending in connection with the jpmorgan bear stearns acquisition and the support of american international group aig and it was the source of authority for such broader programs as the term securities lending facility tslf term asset backed securities loan facility talf and commercial paper funding facility cpff. Using this authority the fed created six broadly based facilities of which only five were used to provide liquidity to primary dealers certain large investment firms and to revive demand for commercial paper and asset backed securities. Section 13 3 provides the fed with greater flexibility than its normal lending authority.

Publications reports to congress pursuant to section 13 3 of the federal reserve act in response to covid 19 the federal reserve filed these reports with congress pursuant to section 13 3 of the federal reserve act concerning the lending facilities established by the board. Section 13 3 was the source of authority for federal reserve lending in connec tion with the jpmorgan bear stearns acquisition and the support of american international group aig and it was the source of authority for such broader programs as the term securities lending facility tslf term asset backed securities loan facility talf and commercial paper funding facility cpff.