T-bill Auctions to Fund the Fed (Treasury)
The T-bill Auctions to Fund the Fed
| T-BILL AUCTIONS TO FUND THE FED |
|---|
| Balance Sheet |
| Disbursed*: |
| Current outstanding: |
| Public Funds |
| Maximum at-risk: $260B |
| Current at-risk: |
* See the methodology and glossary for definitions of "disbursed," etc.
Contents
Funding agency and aid type
The funding agency is the U.S. Treasury, held at the FRBNY.
Auction sale.
Who benefits
Background
Via Prins:
“The program will consist of a series of Treasury bill auctions, separate from Treasury’s current borrowing program, with the proceeds from these auctions to be maintained in an account at the Federal Reserve Bank of New York. Funds in this account serve to drain reserves from the banking system, and will therefore offset the reserve impact of recent Federal Reserve lending and liquidity initiatives [facilities].”
Notes
Prins: “In November 2008, the Treasury announced that it would borrow $260 billion to fund the Supplementary Financing Program, whose proceeds were deposited with the Federal Reserve.” [2]
Articles and resources
Related SourceWatch articles
References
External resources
External articles
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