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21min chapter
Steven Kelly on the Challenges of Treasury Equity Funding for 13(3) Facilities
Macro Musings with David Beckworth
Navigating Financial Crises: The 13-3 Facilities
This chapter explores the historical and contemporary significance of the 13-3 lending facilities, originating from the Great Depression, and their evolution during financial crises. The discussion highlights the implications of these facilities in bolstering global dollar demand and U.S. economic resilience, while also addressing the moral hazards they may engender. Through an examination of the interplay between the Fed and the Treasury, the chapter sheds light on the decision-making challenges and political dynamics surrounding emergency lending programs.
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