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Fed announces emergency loan expansion

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Amid the pending failure of Lehman Brothers and purchase of Merrill Lynch by Bank of America, Federal Reserve Chairman Ben Bernanke announced yesterday several steps the Fed will take to increase its reach in providing liquidity to threatened Wall Street banks. In a statement, Bernanke said the Fed will expand the type of collateral a bank can pledge against a cash loan to include lower grade securities than were previously accepted. The Fed first announced that it would use its emergency loan program to fight the credit crisis when it assisted in JP Morgan’s purchase of Bear Stearns with a $29 billion loan in March.