All parts of the Fed System, wherever located, faced the challenge of maintaining ongoing operations, including discount window lending and check clearing, in the period of heightened uncertainty that followed those horrific attacks.
In short, on the morning of September 11, the Fed, as monetary authority, as payment system operator, as banking supervisor, and as employer, faced an unfolding crisis, and the risks were all to the downside. The outlook was at best uncertain, and potentially quite bleak. Against this background, the Federal Reserve System organized a response that emphasized three objectives.