) ; michael held, " sofr and the transition from libor " ( feb. 26, 2019 ). 28 see annamaria andriotis, " americans skip millions of loan payments as coronavirus takes economic toll, " wall street journal ( june 19, 2020 ) ; anna zabai, " how are household finances holding up against the covid - 19 shock? " bis bulletin no. 22 ( june 15, 2020 ). 29 see board of governors, monetary policy report ( june 12, 2020 ) at 23 ( " importantly, some small businesses and highly leveraged firms might have to shut down permanently or declare bankruptcy, which could have longer - lasting repercussions on productive capacity. " ) and 25 ( " taken together, these data suggest considerable risk of failure for a large number of small businesses. " ). 30 see adam harris, " the other way the coronavirus will ravage our cities, " the atlantic ( apr. 1, 2020 ). 31 large corporations committee of the bankruptcy & covid - 19 working group, letter to congressional leadership ( may 7, 2020 ). 32 international monetary fund, global stability report : markets in the time of covid - 19 ( apr. 2020 ). 33 john c. williams, " now is the time for banking culture reform " ( june 18, 2018 ). https : / / www. newyorkfed. org / newsevents / speeches / 2020 / hel200625 4 / 4

' public website. see also marco cipriani, gabriele la spada, reed orchinik, and aaron plesset, " the money market mutual fund liquidity facility, " liberty street economics ( may 8, 2020 ). 12 information on the paycheck protection program liquidity facility ( " ppplf " ) is available on the board of governors'website. see also haoyang liu and desi volker, " the paycheck protection program liquidity facility, " liberty street economics ( may 20, 2020 ). 13 information on the primary market corporate credit facility and secondary market corporate credit facility is available on the board of governors'public website. see also nina boyarchenko, richard crump, anna kovner, or shachar, and peter van tassel, " the primary and secondary market credit facilities, " liberty street economics ( may 26, 2020 ). 14 information on the term asset - backed securities lending facility ( " talf " ) is available on the board of governors'public website and the new york fed's public website. 15 information on the federal reserve's municipal lending facility ( " mlf " ) is available on the board of governors'public website. see also andrew f. haughwout, benjamin g. hyman, and matthew lieber, " helping state and local governments stay liquid, " liberty street economics ( apr. 10, 2020 ). 16 information on the federal reserve's main street lending program is available on the board of governors'public website and the public website of the federal reserve bank of boston. https : / / www. newyorkfed. org / newsevents / speeches / 2020 / hel200625 3 / 4 the federal reserve ’ s pandemic response - federal reserve bank of new york 17 board of governors, " federal reserve board announces it will be seeking public feedback on proposal to expand its main street lending program to provide access to credit for nonprofit organizations, " press release ( june 15, 2020 ). 18 daleep singh, " implementing the fed's facilities : moving at maximum speed with maximum care " ( apr. 17, 2020 ). 19 michael feroli, " fallout from covid - 19 : global recession, zero interest rates and emergency policy actions " ( mar. 27, 2020 ). 20 12 u. s. c. § 343 ( 3 ) ( b ) ( i ). 21 id.