Government Actions in the Global Financial Crisis
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Sept. 7: U.S. government seizes Fannie Mae and Freddie Mac.
Sept. 11: Governments in Thailand, India, South Korea and Pakistan try to bolster their currencies.
Sept. 14: The Federal Reserve expands the rules on what can be accepted as collateral.
Sept. 16: The Federal Reserve Bank of New York is authorized to lend up to $85 billion to the big insurance company American International Group.
Sept. 18:-- The Fed expands its temporary swap lines with several overseas banks including the European Central Bank and the Swiss National Bank.
Sept. 19: The Fed extends non-recourse loans to U.S. depository institutions and bank holding companies -- a move meant to help liquidity in the markets.
· The Securities and Exchange Commission decides to temporarily halt short selling on the stocks of 799 financial companies.
Sept. 21: The Fed approves Goldman Sachs's and Morgan Stanley's transformations to bank holding companies.
· The SEC again revises rules to curb short-selling.
Sept. 24: The Fed -- along with banks in Australia, Denmark, Norway and Sweden -- establishes temporary swap lines to help address the pressures on short-term funding markets.
Sept. 29: The Fed increases the amount of swap authorization limits with banks in Canada, England, Japan and Denmark.
· The British government nationalizes troubled mortgage lender Bradford & Bingley.
