using our full range of tools to support the economy and to help assure that the recovery from this difficult period will be as robust as possible on behalf of communities, families, and businesses across the country. thank you. i look forward to your questions. summary of section 13 ( 3 ) facilities using cares act funding ( billions of dollars ) current amount of assets2 13. 8 14. 1 6. 2 2. 2 peak amount of assets2 14. 1 16. 6 6. 4 4. 1 treasury equity remaining3 13. 9 16. 5 6. 3 3. 5 maximum facility announced closed capacity1 corporate credit facilities mar. 23, 2020 dec. 31, 2020 main street lending program apr. 9, 2020 jan. 8, 2021 municipal liquidity facility apr. 9, 2020 dec. 31, 2020 talf mar. 23, 2020 dec. 31, 2020 note : the data are current as of march 17, 2021. 1. the maximum authorized amount of facility asset purchases. 2. current and peak outstanding amounts of facility asset purchases : a. for the corporate credit facilities, includes exchange - traded funds at fair value and corporate bonds at book value. b. for the main street lending program, includes loan participations, net of an allowance for loan losses updated as of december 31, 2020, at face value. c. for the municipal liquidity facility, includes municipal notes at book value. d. for the talf ( term asset - backed securities loan facility ), includes loans to holders of eligible asset - backed securities at book value. 3. the amount of the treasury contribution to the credit facilities. source : staff calculations.

mervyn king : globalisation and relative price changes speech by mr mervyn king, governor of the bank of england, at a dinner for kent business contacts in conjunction with the kent messenger group / kent business, kent, 16 january 2006. * * * two weeks ago trafalgar square was packed with revellers celebrating the new year. a century ago it was crowded with hop - growers and pickers. on may 16th 1908 - “ hop saturday ” - around 30, 000 people working in the hop trade travelled to london to demonstrate against unfair foreign competition and to demand the introduction of a tariff on imported hops. it was the largest demonstration in trafalgar square for many years. special trains were laid on to london bridge from where the demonstrators marched to trafalgar square, accompanied by bands playing and banners flying. according to the times, “ one of the most conspicuous banners bore the words : ‘ and shall hops picked by chinamen make england's hop trade die, here's 50, 000 kentish men will know the reason why ’ ". another, appropriately above the plinth of nelson ’ s column, read “ england expects that every hop shall pay a duty ”. a resolution was proposed demanding the imposition of an import duty of 40 shillings per cwt on all foreign hops. having carried the resolution, the assembled gathering sang " rule britannia ", after which the massed bands played the national anthem and a verse of " auld lang syne ". colourful and moving though the occasion was, the decline of the hop industry was inexorable and inevitable. nothing could stem the tide of changes in technology and in tastes for new lighter - foreign beers, and attempts by government through higher excise duties to reduce the consumption of beer. a willingness to adapt and embrace, rather than resist, change is the key to greater prosperity. that road may at times be hard going - as i know many of you will have experienced in your own businesses but it leads ultimately to a more prosperous destination. to follow the right road we need signposts. in a market economy those signposts are movements in prices. if a particular product becomes more abundant or less in demand, its price will fall relative to the prices of other products. that relative price change is the signal which encourages consumers to buy more or producers to supply less. over recent years, three new signposts have appeared. they mark a process that has