Treasury Exchange Stabilization Fund (FRBNY)

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The Treasury Exchange Stabilization Fund (FRBNY)

Wall Street Bailout Accounting
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Balance Sheet
Current outstanding:
Public Funds
Maximum at-risk: $50B
Current at-risk:

* See the methodology and glossary for definitions of "disbursed," etc.

Funding agency and aid type

The funding agency was the FRBNY.

Who benefits


The ESF was drawn upon to provide funding for the Money Market Mutual Fund program, but that program never paid out any money. Not counting for double-counting reasons as per Dean Baker. –CK 3/15/10

Via Prins: [1]

“The Treasury Department’s Exchange Stabilization Fund (ESF) buys and sells foreign currency to promote exchange rate stability and counter disorderly conditions in the foreign exchange market.”

The ESF is used to provide short-term credit to foreign governments and monetary authorities and to hold and administer Special Drawing Rights. ESF operations are normally conducted through the Federal Reserve Bank of New York in its capacity as fiscal agent for the Treasury Department.” Prins: [2]

“A temporary program to insure the holdings of publicly offered money market mutual funds.”


Articles and resources

FRBNY homepage:

Related SourceWatch articles


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External resources

External articles

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