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A new role for the Exchange Stabilization Fund

Author

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  • Owen F. Humpage

Abstract

Recently, the U.S. Treasury announced a new, temporary insurance program for U.S. money-market mutual funds. To guarantee payment of these funds? liabilities, the Treasury will use the assets of its Exchange Stabilization Fund. Created in the 1930s to stabilize the exchange value of the dollar, it has been tapped on occasion to supply loans to foreign countries in financial distress. This latest use of ESF assets is unlike anything the Fund has been used for before.

Suggested Citation

  • Owen F. Humpage, 2008. "A new role for the Exchange Stabilization Fund," Economic Commentary, Federal Reserve Bank of Cleveland, issue Aug.
    • Handle: RePEc:fip:fedcec:y:2008:i:aug
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