Andrew Samuel

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Mr. Samuel is an associate in Davis Polk's Corporate Department. [Full Bio]

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Digital dollars and central bank digital currencies (CBDC) are in the spotlight, and questions abound as to the potential design, availability and functionality of a CBDC in the United States. This deck tracks U.S. congressional legislative efforts that may lead to the creation of a U.S. digital dollar,…
Continue Reading Digital Dollars / Central Bank Digital Currencies

Updated May 7, 2020

We have updated Davis Polk’s table summarizing the Federal Reserve’s actions to address the coronavirus crisis, with embedded links to the primary materials on the Federal Reserve’s website.

Visit Davis Polk’s Government Support for Businesses page for more information on these and other federal Continue Reading Fed Actions to Address the Coronavirus Crisis

Updated April 13, 2020

We have updated Davis Polk’s summary table of the Federal Reserve’s actions to address the coronavirus crisis, with embedded links to the primary materials on the Federal Reserve’s website.  This version is updated to cover the new, sweeping measures that the Fed announced on the morning…
Continue Reading Fed Actions to Address the Coronavirus Crisis

The Federal Reserve announced on March 23, 2020 further action in response to the coronavirus crisis: the creation of the Secondary Market Corporate Credit Facility (SMCCF), along with establishment of the Primary Market Corporate Credit Facility (PMCCF) and the Term Asset-Backed Securities Loan Facility (TALF). We discuss the…
Continue Reading Fed Creates Secondary Market Corporate Credit Facility to Provide Liquidity to Corporate Bonds

The Federal Reserve announced on March 23, 2020 further action in response to the coronavirus crisis: the creation of the Primary Market Corporate Credit Facility (PMCCF), along with the Secondary Market Corporate Credit Facility (SMCCF) and the Term Asset-Backed Securities Loan Facility (TALF). We discuss the SMCCF and…
Continue Reading Fed Establishes the Primary Market Corporate Credit Facility to Support Credit to Employers

Here is Davis Polk’s two-page overview of the Federal Reserve’s actions to address the coronavirus crisis, with embedded links to the primary materials on the Federal Reserve’s website. This version is updated to cover the new, sweeping measures that the Fed announced on the morning of Monday, March 23, 2020.  …
Continue Reading Fed Actions to Address the Coronavirus Crisis

The Federal Reserve announced an expansion of the Commercial Paper Funding Facility (CPFF), originally announced on March 17, 2020 as part of its response to the coronavirus crisis.  Under the expanded CPFF, “eligible issuers” now include municipal issuers—which had been excluded in the 2008 version of the CPFF—and…
Continue Reading Fed Expands Commercial Paper Funding Facility to Cover Municipal Issuers and Decrease Pricing

The Senate Republicans recently released a proposal for Phase 3 of the government’s stimulus response to the coronavirus (COVID-19) emergency.  Our rush summary describes certain key portions of that proposal that we think will be of interest to our clients and friends. We cover the return of the money market…
Continue Reading Senate Republicans Release a Stimulus Proposal to Combat Economic Impacts of Coronavirus

The Federal Reserve’s creation of a Money Market Mutual Fund Liquidity Facility (MMLF) follows the announcement of a Commercial Paper Funding Facility and a Primary Dealer Credit Facility, both of which we discussed earlier this week (link to CPFF memo, link to PDCF memo), and represents…
Continue Reading Fed Establishes a Money Market Mutual Fund Liquidity Facility

  • The Federal Reserve’s announcement that it is creating a Commercial Paper Funding Facility (CPFF) is the Federal Reserve’s first use of its “unusual and exigent circumstances” powers in this crisis.[1]
  • It is designed to make sure that any U.S. issuer of commercial paper (CP), including

…
Continue Reading The Fed Moves to Shore Up Commercial Paper Markets