Federal Reserve: Emergency Lending

Summary

This report provides a review of the history of Section 13(3) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act; P.L. 111-203), including its use in 2008. It discusses the Federal Reserve's (Fed's) authority under Section 13(3) before and after the Dodd-Frank Act. It then discusses policy issues and legislation to amend Section 13(3).