For example, the Federal Reserve created the Office of Financial Stability Policy and Research, which coordinates System efforts to monitor the interaction of financial institutions, financial markets, and economic developments to identify emerging vulnerabilities and systemic risks.10 Enhanced monitoring of this type is especially important as the changes in regulatory structure and financial innovation may lead risks to manifest in new ways or to migrate outside the perimeter of the current regulatory structure.
Facility (CPFF), the Money Market Investor Funding Facility (MMIFF), and the Term Asset-Backed Securities Loan Facility (TALF) fall into this category. 9  For a more comprehensive discussion of changes in the regulatory framework, see Tarullo (2013). 10  This monitoring framework is discussed in, for example, Adrian, Covitz, and Liang (2013).