23 See Robert C. Hockett & Saule T. Omarova, "Private Wealth and Public Goods: A Case for a National Investment Authority," 43 J. Corp. L. 437 (2018). 24 Martin Wolf, "Monetary financing demands careful and sober management," Financial Times (Apr. 9, 2020). 25 See Financial Crimes Enforcement Network ("FinCEN"), "The Financial Crimes Enforcement Network Provides Further Information to Financial Institutions in Response to the Coronavirus Disease 2019 (COVID-19) Pandemic," Press release (Apr. 3, 2020) ("Compliance with the Bank Secrecy Act (BSA) remains crucial to protecting our national security by combating money laundering and related crimes, including terrorism and its financing. FinCEN expects financial institutions to continue following a riskbased approach, and to diligently adhere to their BSA obligations."). 26 See, e.g., FinCEN, "FinCEN Issues Advisory on Medical Scams Related to COVID-19 and Companion Notice Providing Filing Instructions for Financial Institutions," Press release (May 18, 2020); Financial Institution Regulatory Authority ("FINRA"), "FINRA Reminds Firms to Beware of Fraud During the Coronavirus (COVID-19) Pandemic," Regulatory Notice 20-13 (May 5, 2020); U.S. Securities and Exchange Commission ("SEC"), "SEC Charges Microcap Fraud Scheme Participants Attempting to Capitalize on the COVID-19 Pandemic," Press release (June 11, 2020). See also Jennifer Achilles and Alejo Cabranes, "Banks May Need to Update Policies to Fight COVID-19 Fraud," Law360.com (June 16, 2020) (discussing the role of banks in identifying medical fraud in light of FinCEN advisory). 27 See Randall K. Quarles, Letter to G20 Finance Ministers and Central Bank Governors (Apr.

"2 The Federal Open Market Committee lowered the target range for the federal funds rate to 0 to ¼ percent3 and increased purchases of Treasury securities and agency mortgage-backed securities. The Board of Governors created new dollar liquidity arrangements with central banks, reflecting the global nature of the pandemic and its economic disruption.4 Together with other Federal banking agencies, the Board issued regulatory relief and guidance to banks encouraging them to meet the changing needs of customers,5 to use their capital and liquidity buffers to facilitate lending,6 and to access the discount window.7 Perhaps most prominently, the Fed has used its emergency powers in Section 13 of the Federal Reserve Act to establish programs and facilities to keep the economy running.8 The Board of Governors created the Primary Dealer Credit Facility,9 the Commercial Paper Funding Facility,10 and the Money Market Liquidity Facility to provide relief for critical wholesale markets.11 Another facility supports lending to small businesses via the Small Business Administration's Paycheck Protection Program.12 Two commercial credit facilities provide liquidity for corporate bonds.13 The Term Asset-Backed Securities Loan Facility supports the markets for student loans, auto loans, and credit card loans.14 The Municipal Liquidity Facility helps state and local governments and agencies close revenue gaps.15 And facilities specifically targeting "Main Street"16 help sustain retail businesses and may expand to assist nonprofit institutions.17 For the last several months, implementing the Board of Governors' relief initiatives has been the priority of the New York Fed and our sister Reserve Banks.