Treasury Exchange Stabilization Fund (FRBNY)

The Treasury Exchange Stabilization Fund (FRBNY) 

Funding agency and aid type
The funding agency was the FRBNY.

Background
The ESF was drawn upon to provide funding for the Money Market Mutual Fund program, but that program never paid out any money. Not counting for double-counting reasons as per Dean Baker. –CK 3/15/10

Via Prins: "“The Treasury Department’s Exchange Stabilization Fund (ESF) buys and sells foreign currency to promote exchange rate stability and counter disorderly conditions in the foreign exchange market.”" The ESF is used to provide short-term credit to foreign governments and monetary authorities and to hold and administer Special Drawing Rights. ESF operations are normally conducted through the Federal Reserve Bank of New York in its capacity as fiscal agent for the Treasury Department.”

Prins: "“A temporary program to insure the holdings of publicly offered money market mutual funds.”"

Articles and resources
FRBNY homepage: http://www.newyorkfed.org/aboutthefed/fedpoint/fed14.html

Related SourceWatch articles

 * SIGTARP Quarterly Report to Congress July 21, 2009
 * Troubled Asset Relief Program

External resources

 * FRBNY factsheet
 * Fed data