Recipients of $3.3 Trillion in Federal Aid To Be Disclosed Today
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According to Bloomberg, the Federal Reserve will be posting the recipients of the $3.3 trillion in emergency aid dolled out during the recent meltdown in the financial markets that lead to global economic uncertainty, resulting from the passage of the Dodd-Frank bill.
Dodd-Frank will require the Fed to disclose firms that borrow through the discount window, participate in asset transactions (such as mortgage-backed securities and Treasuries), and limit the Fed's lending powers to programs with broad-based eligibility, tapering bailouts of individual institutions.
The dates disclosed will span from December 1, 2007, through July 21, 2010, when the Dodd-Frank bill was signed into legislation by Pres. Obama.
The information, expected to be posted on the Fed's website at midday today, will include six loan programs, currency swaps, purchases of mortgage-backed securities and the rescues of Bear Stearns Cos. and American International Group Inc., (NYSE: AIG) among other items.
Help for General Electric (NYSE: GE) in the commercial paper market and large banks like Bank of America (NYSE: BAC) will likely be included in the disclosure.
The move, which could cause further political turmoil, comes following the recent announcement of an additional $600 billion in quantitative easing, which some argue will lead to inflation and asset-price bubbles.
Dodd-Frank will require the Fed to disclose firms that borrow through the discount window, participate in asset transactions (such as mortgage-backed securities and Treasuries), and limit the Fed's lending powers to programs with broad-based eligibility, tapering bailouts of individual institutions.
The dates disclosed will span from December 1, 2007, through July 21, 2010, when the Dodd-Frank bill was signed into legislation by Pres. Obama.
The information, expected to be posted on the Fed's website at midday today, will include six loan programs, currency swaps, purchases of mortgage-backed securities and the rescues of Bear Stearns Cos. and American International Group Inc., (NYSE: AIG) among other items.
Help for General Electric (NYSE: GE) in the commercial paper market and large banks like Bank of America (NYSE: BAC) will likely be included in the disclosure.
The move, which could cause further political turmoil, comes following the recent announcement of an additional $600 billion in quantitative easing, which some argue will lead to inflation and asset-price bubbles.
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