24. Federal Reserve · Notable
Eliminate Fed interventions in corporate and municipal debt markets
Printed page 734 24. Federal Reserve
“It also means eliminating Fed interventions in corporate and municipal debt markets.”
What has happened
- Not started
The Federal Reserve holds no corporate or municipal debt and has no facility for either, but nothing eliminates the power to create them again. The H.4.1 release of August 27, 2026 shows no Corporate Credit Facilities LLC, no Municipal Liquidity Facility and no Term Asset-Backed Securities Loan Facility line; the only section 13(3) vehicle still on the balance sheet is MS Facilities 2020 LLC, the Main Street Lending Program, with $866 million of residual net portfolio holdings in run-off. Those facilities were closed in 2020 and 2021, before the evidence window opened, and no action inside the window removed the section 13(3) authority under which they were created or barred their re-establishment.
Research log
What was searched, and what didn’t count as evidence
Research notes
Leveling call, flagged for the consistency pass. The alternative reading is pre_satisfied: the corporate and municipal facilities were gone before 2025-01-20 and nothing happened to them inside the window. That flag is not used here because the ask is to eliminate the intervention as a standing possibility, not merely to observe that none is running — section 13(3), as amended by Dodd-Frank, still permits broad-based facilities with the Secretary of the Treasury’s approval, and no one has touched it.
Related: #2014 (mortgage-backed securities, partial) and #2012 (limiting future expansions to Treasuries, attempted).
- Action
- eliminate
- Object
- Federal Reserve interventions in corporate and municipal debt markets
- ID
- 2013