Journal Article

The Last Resort in a Changing Landscape

Abstract: As lender of last resort, the Federal Reserve plays a vital role in maintaining a sound and stable financial system. But the frequency and scale of Fed interventions following disruptions like the Global Financial Crisis and COVID-19 are concerning. As the country emerges from the pandemic, it’s time to focus on crafting more resilient policies, particularly by addressing Treasury market vulnerabilities and providing greater prudential oversight. The following is adapted from remarks by the president of the Federal Reserve Bank of San Francisco to the Money Marketeers on April 15.

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Bibliographic Information

Provider: Federal Reserve Bank of San Francisco

Part of Series: FRBSF Economic Letter

Publication Date: 2021-05-03

Volume: 2021

Issue: 12

Pages: 01-07

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