Commercial Paper Funding Facility (CPFF)
In 2008, the Federal Reserve offered to purchase highly rated, three-month commercial paper in response to difficulty companies had raising money in the commercial paper market. The goals were to persuade investors to lend to top-tier companies and give borrowers a backstop if funds can’t be obtained in the open market. The CPFF began operations on Oct. 27, 2008, and closed on Feb. 1, 2010.