Commercial Paper Funding Facility (CPFF) and the commercial paper market freeze (October 2008–2009)

1. Lehman bankruptcy shocks short-term funding markets

   Sep 15, 2008Labels: Lehman Brothers, commercial paper

   • CRS Report

2. Reserve Primary Fund breaks the buck

   Sep 16, 2008Labels: Reserve Primary, money market

   • CRS Report
   • JEC Print

3. Federal Reserve launches AMLF to aid money funds

   Sep 19, 2008Labels: AMLF, Federal Reserve

   • Fed MPR
   • Fed AR 2008

4. Federal Reserve authorizes the CPFF backstop

   Oct 7, 2008Labels: CPFF, Federal Reserve

   • Fed AR 2008
   • NY Fed Blog

5. Fed sets CPFF operations and start date

   Oct 14, 2008Labels: CPFF, operational guidance

   • Fed Release

6. CPFF begins purchases through an SPV structure

   Oct 27, 2008Labels: CPFF LLC, New York

   • Fed Appendix
   • Fed AR 2008

7. CPFF reaches peak use as markets remain strained

   Dec 31, 2008Labels: CPFF, market peak

   • Yale SOM
   • NY Fed Blog

8. CPFF authorization extended into late 2009

   Jan 27, 2009Labels: CPFF, authorization extension

   • Fed AR 2008
   • Fed MPR

9. CPFF terms evolve as conditions improve

   Apr 17, 2009Labels: CPFF, program terms

   • Fed AR 2009
   • NY Fed Blog

10. CPFF stops new purchases as backstop winds down

    Oct 30, 2009Labels: CPFF, wind-down

    • Fed AR 2008
    • Fed MPR

11. CPFF closes after market normalization

    Feb 1, 2010Labels: CPFF, New York

    • Fed Appendix
    • NY Fed Blog

12. Dodd-Frank tightens rules for emergency Fed lending

    Jul 21, 2010Labels: Dodd-Frank Act, Section 13

    • Fed OIG