Title

The Fed Announces a Primary Dealer Credit Facility
Client Memorandum

Created date

3/19/2020

The Federal Reserve’s creation of a Primary Dealer Credit Facility (PDCF) follows the announcement of a Commercial Paper Funding Facility and represents a continuation of the Federal Reserve’s use of its “unusual and exigent” powers to help during the current coronavirus (COVID-19) crisis.  The 2020 PDCF is generally similar to the PDCF established in September 2008, although differences exist.