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Board of Governors of the Federal Reserve System
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Federal Reserve Board of Governors

Expired Policy Tools


During the financial crisis, the Federal Reserve established several facilities to provide liquidity directly to borrowers and investors in key credit markets. As the performance of financial markets has improved, the Federal Reserve has wound down some of the programs. The Money Market Investor Funding Facility expired on October 30, 2009, and the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility, the Commercial Paper Funding Facility, the Primary Dealer Credit Facility, and the Term Securities Lending Facility were closed on February 1, 2010. Also, the final Term Auction Facility auction was conducted on March 8, 2010.

To provide additional support for the economic recovery, the Federal Reserve established the Maturity Extension Program and Reinvestment Policy, which ran from September 2011 through the end of 2012.

Last update: September 18, 2014