Fed offers $100 billion more to commercial banks
WASHINGTON (AP) - March 28, 2008 The central bank said Friday it would make $50 billion available
at each of two auctions on April 7 and April 21.
Through the end of March, the Fed has provided $260 billion in
short-term loans to commercial banks through an innovative auction
process. It also has employed Depression-era provisions to provide
money to investment banks.
All the moves are designed to cope with a financial crisis that
has roiled U.S. and global markets and caused the near-collapse of
Bear Stearns, the nation's fifth largest investment bank.
