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Pam and Russ Martens: The Fed has hidden the transactions of three emergency lending programs
Correcting the Wall Street on Parade link at the bottom.
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By Pam and Russ Martens
Wall Street on Parade
Monday, August 3, 2020
Federal Reserve Chairman Jerome Powell and Randal Quarles, the vice chairman for supervision at the Fed, have stated in testimony before Congress that they would be providing transaction level details of their Section 13(3) Emergency Lending Facilities on a regular, ongoing basis.
But the three oldest of those facilities, the Primary Dealer Credit Facility, the Commercial Paper Funding Facility, and the Money Market Mutual Fund Liquidity Facility, which were all created more than four months ago in mid-March, have yet to release any transaction level details to the public.
... Dispatch continues below ...
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The Fed is required to provide reports every 30 days on its emergency lending facilities. Those reports are located at this Fed website:
If you scroll down, you will find that transaction-level reports have been provided for four of the Fed's emergency lending programs. But the three programs listed above, which are the oldest of the programs, have no transaction-level details.
Without the transaction-level details, the public has no idea which Wall Street banks or trading firms are borrowing from the Fed. Without this transaction-level detail, the public has no way of discerning if one or more particular banks are facing a liquidity squeeze, as happened in September 2008.
What is the Fed attempting to hide from the American people and why is Congress letting it get away with it? ...
... For the remainder of the report:
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