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

In: The First Great Financial Crisis of the 21st Century A Retrospective

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  • W.F. Todd

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.

Suggested Citation

  • W.F. Todd, 2015. "Macroliquidity: Selected Topics Related to Title XI of the Dodd-Frank Act of 2010," World Scientific Book Chapters, in: James R Barth & George G Kaufman (ed.), The First Great Financial Crisis of the 21st Century A Retrospective, chapter 12, pages 299-336, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814651257_0012
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    Cited by:

    1. W. Lee Hoskins & Walker F. Todd, 2018. "Twenty Years after the Fall of the Berlin Wall: Rethinking the Role of Money and Markets in the Global Economy," Economics Working Paper Archive wp_908, Levy Economics Institute.

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