The Federal Reserve Board invited public comment on proposed amendments to Regulation A (Extensions of Credit by Federal Reserve Banks) to implement section 1101 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Section 1101 amended the Federal Reserve’s emergency lending authority in section 13(3) of the Federal Reserve Act.
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As required under the Dodd-Frank Act, the proposed rule is designed to ensure that any emergency lending program or facility is for the purpose of providing liquidity to the financial system, and not to aid an individual failing financial company.
The proposed rule has been developed in consultation with the Treasury Department. Comments on the proposal are due by March 7, 2014.
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