Fed Offers $100B More to Banks

WASHINGTON -- The Federal Reserve announced Friday it will auction another $100 billion in April to cash-strapped banks as it continues to combat the effects of a credit crisis, The Associated Press reported.

The central bank said it would make $50 billion available at each of two auctions, on April 7 and April 21, the AP reported.

Through the end of March, the Fed has provided $260 billion in short-term loans to commercial banks through the innovative auction process. It also has employed Depression-era provisions to provide money to investment banks, the AP reported.

-- NYSSCPA.org News Staff

Posted on 3/28/08