Treasury Exchange Stabilization Fund (FRBNY)
The Treasury Exchange Stabilization Fund (FRBNY)
| TREASURY EXCHANGE STABILIZATION FUND |
|---|
| Balance Sheet |
| Disbursed*: |
| Current outstanding: |
| Public Funds |
| Maximum at-risk: $50B |
| Current at-risk: |
* See the methodology and glossary for definitions of "disbursed," etc.
Contents
Funding agency and aid type
The funding agency was the FRBNY.
Who benefits
Background
The ESF was drawn upon to provide funding for the Money Market Mutual Fund program, but that program never paid out any money. Not counting for double-counting reasons as per Dean Baker. –CK 3/15/10
Via Prins: [1]
“The Treasury Department’s Exchange Stabilization Fund (ESF) buys and sells foreign currency to promote exchange rate stability and counter disorderly conditions in the foreign exchange market.”
The ESF is used to provide short-term credit to foreign governments and monetary authorities and to hold and administer Special Drawing Rights. ESF operations are normally conducted through the Federal Reserve Bank of New York in its capacity as fiscal agent for the Treasury Department.” Prins: [2]
“A temporary program to insure the holdings of publicly offered money market mutual funds.”
Notes
Articles and resources
FRBNY homepage: http://www.newyorkfed.org/aboutthefed/fedpoint/fed14.html
Related SourceWatch articles
References
External resources
External articles
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