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,
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Andrew Samuel
Mr. Samuel is an associate in Davis Polk's Corporate Department. [Full Bio]
Fed Actions to Address the Coronavirus Crisis
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.
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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…
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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 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…
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Fed Establishes the Primary Market Corporate Credit Facility to Support Credit to Employers
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…
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Fed Actions to Address the Coronavirus Crisis
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. …
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Fed Expands Commercial Paper Funding Facility to Cover Municipal Issuers and Decrease Pricing
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…
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Senate Republicans Release a Stimulus Proposal to Combat Economic Impacts of Coronavirus
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…
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Fed Establishes a Money Market Mutual Fund Liquidity Facility
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…
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The Fed Moves to Shore Up Commercial Paper Markets
- 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
…
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