were, in turn, funding loans to students, car buyers, small businesses, and others. the facilities were many and varied, and developed as needed, because the u. s. financial system is complex and, as the crisis unfolded, the nature of the next phase was largely unforeseeable. in several of these interventions, the fed was lending to increase the liquidity of, or activity in, securities markets, in order to maintain the flow of essential credit to businesses and to households. 4 had that flow of credit ceased, the financial crisis, the severe recession that resulted, and the consequences for the u. s. economy, and thus every american, would have been far more serious. in november of last year, in a revision to its regulations reflecting the changes to the federal reserve ’ s emergency lending authority included in the dodd - frank act, the board spelled the sec ’ s rule on disclosure requirements for certain securitizations was adopted by the sec in august 2014. the intent of these rules is to make it easier for investors to review and access the information they need to make informed investment decisions, including independently conducting due diligence so as to better assess the credit risk of asset - backed securities. for example, on october 7, 2008, the federal reserve established the commercial paper funding facility ( cpff ). under the cpff, the federal reserve lent to a special purpose vehicle that in turn purchased toprated three - month commercial paper directly from eligible issuers. and on november 25, 2008, the federal reserve and treasury announced the creation of the term asset - backed securities loan facility ( talf ). under the talf, the federal reserve extended loans to investors in certain triple - a - rated asset - backed securities ( abs ) to promote renewed issuance of abs, thereby increasing the availability of credit to households and small businesses. see dietrich domanski, richhild moessner, and william nelson ( 2014 ), “ central banks as lenders of last resort : experiences during the 2007 – 2010 crisis and lessons for the future ( pdf ), ” finance and economics discussion series 2014 – 110 ( washington : board of governors of the federal reserve system, may ). bis central bankers ’ speeches out how the federal reserve would design and operate such broad - based emergency lending facilities in the future. among other things, an emergency facility would be designed to provide liquidity to a market or sector of the financial system and not be for the

beverly hirtle : opening remarks - heterogeneity blog series webinar opening remarks by ms beverly hirtle, executive vice president and director of research of the federal reserve bank of new york, for the heterogeneity blog series webinar, federal reserve bank of new york, new york city, 4 march 2020. * * * as prepared for delivery i am delighted to be here today to introduce this webinar about our liberty street economics blog series on heterogeneity in labor market outcomes. these blogs describe several ways that the forces shaping u. s. labor markets cause the experiences of workers to vary for different cohorts of individuals, including for women as compared to men ; for high - wage versus lower - wage workers ; and for workers who face more or less stringent constraints on their ability to borrow. these posts are based on research and analysis being conducted by new york fed economists, part of continuing efforts by our economists to understand how economic outcomes vary for different groups in the economy. this series follows our inaugural set of posts on heterogeneity in october of last year, in what we hope will be an on - going discussion of work being done at the new york fed and elsewhere to understand these important topics. in recent years, we have devoted considerable time and resources here at the new york fed to develop data and analytical approaches to gain deeper insights into the experiences of workers and consumers. for instance, we sponsor the consumer credit panel, or ccp, a quarterly report on household credit based on a large sample of credit data from equifax. we have also developed the survey of consumer expectations, or sce, a monthly survey of consumer expectations about inflation, the labor market and household finance. these reports and summary data are available from the new york fed ’ s center for microeconomic data, which can be accessed on the bank ’ s website, newyorkfed. org. aside from producing these public reports, new york fed researchers also use the underlying data to do detailed econometric analysis, some of which forms the basis of the blog series you ’ ll hear about today. in some cases, we are able to link the ccp, sce and other data sets to derive insights into a wider set of factors affecting workers and consumers, such as educational attainment, student debt burden, job satisfaction, job transitions, access to credit and housing choices — and consumer expectations about many of these factors