The Federal Reserve Board established a Money Market Mutual Fund Liquidity Facility to address instability within the financial system as a result of COVID-19.
News & Insights
In a report on climate-related financial risk, the Financial Stability Oversight Council identified climate change as an emerging and increasing threat to U.S. financial stability.
Financial Stability Board Chair Randal K. Quarles identified nonbank financial intermediation, money market funds and cross-border payments as the FSB's priority areas for 2021.
Board of Governors of the Federal Reserve System ("FRB") Chair Janet Yellen expressed strong opposition to proposed legislation that would (i) generally require the FRB to follow a mathematical formula in its monetary policy and (ii) provide Congress with much more direct authority over the conduct of the FRB. In a letter addressed to House Majority Leader Paul Ryan and House Minority Leader Nancy Pelosi, Chair Yellen asserted that Congressional control over monetary policy, or the requirement that monetary policy follow a formula, would result in higher unemployment, less stable prices and
Board of Governors of the Federal Reserve System Vice Chair Stanley Fischer reviewed post-Dodd-Frank Act developments in regulation and supervision concerning the role of the Federal Reserve as "lender of last resort."