4 Indeed, when short-term funding markets deteriorated abruptly in August 2007, the Federal Reserve's first response was to try to increase the liquidity available to the market by lowering the rate charged for discount window loans and by making it easier for  4  See Brian F. Madigan (2009), "Bagehot's Dictum in Practice: Formulating and Implementing Policies to Combat the Financial Crisis," speech delivered at "Financial Stability and Macroeconomic Policy," a symposium sponsored by the Federal Reserve Bank of Kansas City, held in Jackson Hole, Wyo., August 2022; and Ben S. Bernanke (2008), "Liquidity Provision by the Federal Reserve," speech delivered (via satellite) at the Financial Markets Conference sponsored by the Federal Reserve Bank of Atlanta, held in Sea Island, Ga., May 13.
This will be one useful check which banks can create for their entire portfolio. Second, I do see a lot of use in the products offered by CRAs and there is need to see how we can further integrate the two models of credit risk assessment of banks and CRAs.