Risk Sharing in the Federal Reserve's Emergency Lending Facilities During the COVID-19 Pandemic

Congressional Budget Office

No 61376, Reports from Congressional Budget Office

Abstract: CBO describes the role the Federal Reserve plays in stabilizing financial markets during crises, focusing particularly on the programs—referred to as facilities—created during the COVID-19 pandemic to provide liquidity and address stress in financial markets. The report discusses the facilities that were funded with equity from the Treasury; for each facility, it describes the budgetary treatment; the risk-sharing arrangement between the Federal Reserve, the Treasury, and banks; the cost to the federal government; and the effects on the economy.

JEL-codes: G00 H50 H81 H83 (search for similar items in EconPapers)
Date: 2026-06-04
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