It is back to the future. Federal Reserve Chairman Powell pledged last night to fight the impact of the coronavirus (COVID-19) by using the “full range of tools” available to support households, businesses and the economy. Today, Davis Polk republishes its 2009 Financial Crisis Manual in the hope that, even though much has changed in the last 11 years, the research it holds, including descriptions of many of the financial crisis era programs and embedded hyperlinks to many of the financial crisis era program documents, might be of help to those who are searching for solutions today. With Secretary Mnuchin’s announcement that he may be seeking expanded powers from Congress, these older materials suddenly have new relevance.
Margaret E. Tahyar, the Editor of the original manual, has written a new introduction for the republication.