In the wake of the Asian crises in particular, initiatives were launched on several fronts to improve financial stability in emerging-market economies and thus to reduce the frequency and intensity of future crises.
Among the forms of credit on which the program is currently focused are auto loans, credit card loans, student loans, and loans guaranteed by the Small Business Administration. We are currently reviewing other types of credit for possible inclusion in this program. In all cases, we will be taking the appropriate measures to minimize the risk of loss to the Federal Reserve.