10 I will address four policy issues that need careful consideration as the public sector and market participants continue to address liquidity risks in central clearing. Stress Testing The 1987 stock market crash showed that we need to look at liquidity risks from a systemwide perspective. That event involved multiple CCPs and also involved multiple links in the payments chains between banks and CCPs.
During the pandemic, community bankers and other lenders such as community development financial institutions (CDFIs) were the key to making sure that healthy businesses temporarily hurt by lockdowns, economic restrictions, and social distancing were able to access the multiple rounds of Paycheck Protection Program (PPP) funding that kept workers on their payrolls.