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CBO: The Budgetary Impact and Subsidy Costs of the Federal Reserve's Actions During the Financial Crisis

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The Budgetary Impact and Subsidy Costs of the Federal Reserve’s Actions During the Financial Crisis, May 2010

  • “This Congressional Budget Office (CBO) study — prepared at the request of the Ranking Member of the Senate Budget Committee — describes the various actions by the Federal Reserve to stabilize the financial markets and how those actions are likely to affect the federal budget in coming years. The report also presents estimates of the risk-adjusted (or fair-value) subsidies that the Federal Reserve provided to financial institutions through its emergency
    programs. Unlike the cash treatment of the Federal Reserve in the budget, fair-value subsidies include the cost of the risk that the central bank has assumed. Thus, those subsidies are a more comprehensive measure of the cost of the central bank’s actions.”

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