Fed Extends Emergency Loan Program For Wall Street

By: Associated Press Email
By: Associated Press Email

Washington (AP) The Federal Reserve is extending its emergency borrowing program to wall street firms and is taking other steps to ease a severe credit crunch that has hobbled the national economy.

The Fed announced Wednesday that the program, where investment houses can tap for a quick source of cash, will now be available through Jan. 30. Originally the program, started on March 17, was supposed to last until mid-September.

The Fed says another program, where investment firms can temporarily swap super-safe treasury securities for more risky investments also will continue through Jan. 30. And, it also will let commercial banks, in a separate program, be able to bid on cash loans that last longer for 84 days, besides the 28-day loans now available.

KKCO NBC 11 News
2531 Blichmann Avenue
Grand Junction, CO 81505

Station Phone: 970.243.1111
Business Fax: 970.243.1770
Newsroom Fax: 970.245.3793
News Tip & Contest Line: 970.255.8477
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 26139209 - nbc11news.com/a?a=26139209
Gray Television, Inc.