Financial Services Forum Statement on the Discount Window

16 Mar 2020

Washington, D.C. – Members of the Financial Services Forum announced today that all members are accessing funding from the discount window to reassure financial institutions of all sizes that they should use the facility to meet client liquidity needs during this difficult period. 

While Forum member institutions individually have substantial liquidity and multiple sources of funding, they believe it is important to lead by demonstrating the value of the Federal Reserve’s discount window facility and to encourage its use by other financial institutions. Federal regulators have encouraged banks to use the discount window.  

The Forum banks are strong, well-capitalized and committed to supporting their customers, clients and the economy as the world confronts the challenge of the COVID-19 pandemic.

Financial Services Forum member institutions are Bank of America, Bank of New York Mellon, Citigroup, Goldman Sachs, JP Morgan Chase, Morgan Stanley, State Street, and Wells Fargo.

CONTACT: Barbara Hagenbaugh
(202) 457-8783                                                                  
bhagenbaugh@fsforum.com

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The Financial Services Forum is an economic policy and advocacy organization whose members are the chief executive officers of the eight largest and most diversified financial institutions headquartered in the United States. Forum member institutions are a leading source of lending and investment in the United States and serve millions of consumers, businesses, investors, and communities throughout the country. The Forum promotes policies that support savings and investment, deep and liquid capital markets, a competitive global marketplace, and a sound financial system.

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