Commercial Paper Funding Facility

The Federal Reserve Board established a Commercial Paper Funding Facility (CPFF) on March 17, 2020, to support the flow of credit to households and businesses. Commercial paper markets directly finance a wide range of economic activity, supplying credit and funding for auto loans and mortgages as well as liquidity to meet the operational needs of a range of companies. By ensuring the smooth functioning of this market, particularly in times of strain, the Federal Reserve provided credit that supported families, businesses, and jobs across the economy.

The CPFF program was established by the Federal Reserve under the authority of Section 13(3) of the Federal Reserve Act, with approval of the Treasury Secretary. The CPFF ceased purchasing commercial paper on March 31, 2021.

Reports to Congress


2020 Reports

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Last Update: June 11, 2021