[1] The facility was intended to improve the ability of broker dealers to access liquidity in the overnight loan market that banks use to meet their reserve requirements.
A full detail of the nominal value of loans outstanding through the PDCF is available in the Federal Reserve's public balance sheet.
[7] On July 30, 2008, the Federal Reserve announced several actions to further increase liquidity, including an extension of the Primary Dealer Credit Facility, through January 30, 2009.
[10] On March 17, 2020, the Federal Reserve reopened the PDCF in order to limit the economic impact caused by the COVID-19 pandemic.
[15] They argue that since the Federal Reserve is now lending directly to investment banks that these institutions, along with other private-equity firms and hedge funds, should face broader regulation.