NY Fed terminates commercial paper funding facility

FILE PHOTO: Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 19, 2019. REUTERS/Leah Millis/File Photo

NEW YORK (Reuters) – The Federal Reserve Bank of New York announced on Thursday that it terminated the commercial paper funding facility, an emergency lending program launched during the pandemic to help get credit directly to businesses and households.

The dedicated funding vehicle established to purchase commercial paper made its final distributions of assets on June 29 and July 7 to the Treasury Department and the New York Fed. The full equity investment of $10 billion was returned to the Treasury Department, along with investment earnings.

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