Specifically, loans that the Fed extends – either to financial institutions, through the discount window and related facilities, or to other borrowers in programs like our commercial paper facility – are recorded as assets on our balance sheet, as are securities acquired in the open market, such as the GSE securities we are purchasing.
The Fed's assets also include about $ billion of Treasury securities. About 5 percent of our balance sheet, or $ billion, consists of assets we acquired in the government interventions to prevent the failures of Bear Stearns and American International Group (AIG).