Fed taps reserves, borrows to help stabilize system

09/18/2008 | Google

During the past year, as the credit crisis plagued markets and financial institutions, the U.S. government pledged more than $600 billion to help rescue some of the largest banks, insurance companies and other financial firms. Ongoing problems are starting to stress even the deep resources of the Federal Reserve, prompting it to ask the Treasury Department to raise capital by selling debt.

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