The Federal Reserve is also standing up programs to support the flow of credit to households, businesses, and state and local governments, so that they can weather this storm and continue to do their work, both now and when normal life resumes.7 Last week, we announced more details on these programs, which altogether provide additional funding of up to $ trillion.8 These programs are executed with the full support of the Treasury. We are also deeply committed to providing transparency around matters such as usage, eligibility, governance, vendor selection, and fees for these programs. The actions by the Federal Reserve, while sharing some similarities with those undertaken during the financial crisis, are specifically designed to deal with the unique economic challenges posed by the coronavirus. Our efforts supporting the provision of credit include a number of programs aimed at different 2/4  BIS central bankers' speeches  parts of the economy and work through different channels. One set of programs supports the availability of credit to businesses—importantly, including small and medium-sized businesses— through loans, commercial paper, and corporate bonds. The second set of programs targets the availability of credit to states and municipalities. But we cannot act alone: fiscal policy is also playing a critically important role. In particular, it can do what monetary policy cannot: provide for the public health response and transfer income to those most affected by the outbreak.
2 See Board of Governors of the Federal Reserve System, Federal Reserve Issues FOMC Statement, March 15,  2020. 3 See Federal Reserve Bank of New York, Statement Regarding Repurchase Operations, March 17, 2020. 4 See Board of Governors of the Federal Reserve System, Federal Reserve Announces Extensive New Measures  to Support the Economy, March 23, 2020. 5 According to the Open Market Desk at the New York Fed, between March 16 and April 14, the Desk has  purchased over $ trillion of Treasury securities, over $ billion in agency MBS, and $ billion in agency CMBS. For comparison, over the course of the 2012 – 14 asset purchase program, the Desk added about $ billion of Treasury securities and $ billion of agency MBS to the System Open Market Account portfolio. 6 For the discount window, see Federal Reserve Actions to Support the Flow of Credit to Households and  Businesses, March 15, 2020. For the Primary Dealer Credit Facility and the Money Market Mutual Fund Liquidity Facility, see Board of Governors of the Federal Reserve System, Federal Reserve Board Announces Establishment of a Primary Dealer Credit Facility (PDCF) to Support the Credit Needs of Households and Businesses, March 17, 2020; and Board of Governors of the Federal Reserve System, Federal Reserve Board Broadens Program of Support for the Flow of Credit to Households and Businesses by Establishing a Money Market Mutual Fund Liquidity Facility (MMLF), March 18, 2020.