Macroliquidity: Selected Topics Related to Title XI of the Dodd-Frank Act of 2010

W.F. Todd

Chapter 12 in The First Great Financial Crisis of the 21st Century:A Retrospective, 2015, pp 299-336 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Title XI of the Dodd-Frank Act governs the Federal Reserve's emergency financial assistance under Section 13(3) of the Federal Reserve Act. In 2008, the Fed invoked Section 13(3) multiple times to assist investment banks and others. The peak amount of the Fed's loans under all facilities (including foreign currency swap agreements) was about $1.675 trillion, over $400 billion under Section 13(3) alone. The Fed's emergency loans usually were directed to specific firms and often were secured by collateral of doubtful credit worthiness. Title XI of Dodd-Frank now restricts such loans. Instead of specific firms, Section 13(3) assistance must be provided under broad-based facilities of general eligibility and must be secured by collateral of ascertainable lending value. The duration of such assistance is limited. The Secretary of the Treasury (and through him or her, the president) must approve all such assistance. Initial, periodic, and final reports are to be filed with the chairman and ranking member of the Senate and House banking and financial services committees.

Keywords: Financial Economics; Banks; Depository Institutions; Micro Finance Institutions; Mortgages; Macroeconomics; Monetary Economics; Dodd-Frank; Financial Crisis; Financial Regulations; Regulatory Framework; Bankers; Systemic Risk; Recession (search for similar items in EconPapers)
Date: 2015
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