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 (ABCP MMMF), 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 and the Term Asset-Backed Securities Loan Facility was closed for new loan extensions on June 30, 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.