Board of Governors of the Federal Reserve System

Municipal Liquidity Facility

The Federal Reserve established the Municipal Liquidity Facility to help state and local governments better manage cash flow pressures in order to continue to serve households and businesses in their communities. The facility was designed to purchase up to $500 billion of short term notes directly from U.S. states (including the District of Columbia), U.S. counties with a population of at least 500,000 residents, and U.S. cities with a population of at least 250,000 residents. Eligible state-level issuers were able to use the proceeds to support additional counties and cities. In addition to the actions described above, the Federal Reserve will continue to closely monitor conditions in the primary and secondary markets for municipal securities and will evaluate whether additional measures are needed to support the flow of credit and liquidity to state and local governments. The Municipal Liquidity Facility ceased purchasing eligible notes on December 31, 2020.

• Term Sheet (August 11, 2020) (PDF)
• FAQs
• FAQs: Appendix A (PDF)
• FAQs: Appendix B

Letter from Chair Powell to Secretary Mnuchin regarding emergency lending facilities (November 20, 2020)

Reports to Congress

• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (November 14, 2023)
  • MLF Transaction-specific Disclosures (XLSX) (November 14, 2023)
• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (October 11, 2023)
  • MLF Transaction-specific Disclosures (XLSX) (October 11, 2023)
• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (September 12, 2023)*
  • MLF Transaction-specific Disclosures (XLSX) (September 12, 2023)
• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (August 11, 2023)*
  • MLF Transaction-specific Disclosures (XLSX) (August 11, 2023)
• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (July 11, 2023)
  • MLF Transaction-specific Disclosures (XLSX) (July 11, 2023)
• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (June 13, 2023)
  • MLF Transaction-specific Disclosures (XLSX) (June 13, 2023)
• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (May 11, 2023)
  • MLF Transaction-specific Disclosures (XLSX) (May 11, 2023)
• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (April 11, 2023)
  • MLF Transaction-specific Disclosures (XLSX) (April 11, 2023)
• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (March 13, 2023)
  • MLF Transaction-specific Disclosures (XLSX) (March 13, 2023)
• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (February 13, 2023)
  • MLF Transaction-specific Disclosures (XLSX) (February 13, 2023)
• Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (January 11, 2023)
  • MLF Transaction-specific Disclosures (XLSX) (January 11, 2023)

*Updated October 10, 2023, see footnote 1 in PDF.

Archive:

2022 Reports

2021 Reports

2020 Reports

Related Press Releases

• Federal Reserve Board announces revised pricing for its Municipal Liquidity Facility (August 11, 2020)
• Federal Reserve Board announces an expansion in the number and type of entities eligible to directly use its Municipal Liquidity Facility (June 3, 2020)
• New York Fed Releases Notice of Interest for the Municipal Liquidity Facility (May 15, 2020)
• Federal Reserve publishes updates to the term sheet for the Municipal Liquidity Facility (May 11, 2020)
• Federal Reserve Board announces an expansion of the scope and duration of the Municipal Liquidity Facility (April 27, 2020)
• Federal Reserve takes additional actions to provide up to $2.3 trillion in loans to support the economy (April 9, 2020)

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