The Securities Industry and Financial Markets Association (SIFMA) today issued the following statement about The Federal Reserve's Commercial Paper Funding Facility (CPFF):
"SIFMA commends this morning’s actions by the Federal Reserve to address strains in the financial markets. The new Commercial Paper Funding Facility, which will purchase commercial paper directly from eligible issuers, will help make credit available directly to American businesses, so they, in turn, can continue to meet the needs of everyday citizens," said Tim Ryan, president and CEO of SIFMA.
"The program can be expected to reduce risk, encourage lending, lower commercial paper rates and spur long-term commercial paper issuance. The Federal Reserve has consistently shown great leadership in devising tools to address these unprecedented events.”