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The information below describes the New York Fed’s actions and involvement with AIG. This repository for various sources of public information on federal financial assistance extended to AIG includes timelines, press releases, Congressional testimony and financial data.

 

The Federal Reserve recognizes the importance of transparency to its financial stability efforts, and has made a large amount of information available to the public since its original intervention in American International Group (AIG).

“We have provided and continue to provide this information because it is important that the Congress and the public understand that, in our actions regarding AIG, the Federal Reserve and the Treasury acted in the best interests of the United States to preserve the financial system and to protect households and businesses from potentially calamitous effects on the U.S. economy, while doing everything possible to protect the American taxpayer.”
Federal Reserve Chairman Ben Bernanke, Letter to Government Accountability Office (GAO), Jan 19, 2010 pdf offsite

New York Fed officials have periodically appeared before Congress to discuss the New York Fed’s intervention and provide briefings and information to multiple committees. The New York Fed has and will continue to cooperate with multiple Congressional bodies in their reviews of its actions, including the Congressional Oversight Panel, the Government Accountability Office, and the Special Inspector General for Troubled Asset Relief Program (TARP).

The Federal Reserve will continue to review its transparency policies with the goal of making additional information publicly available as appropriate. To further the goal of transparency, Chairman Bernanke has called for an audit by the Government Accountability Office of the Federal Reserve’s involvement in AIG, which is fully supported by the New York Fed.

“We are in favor of a full and objective review of our actions and look forward to the opportunity to document for the public and members of Congress our involvement in AIG. All of the Federal Reserve’s actions regarding AIG were undertaken to protect the American people from an even more severe economic downturn and to safeguard U.S. taxpayers’ interests in the company.”
New York Fed President William C. Dudley, Press Release, Jan 19, 2010 »



Additional Information
 


Additional Information offsite
Usage of Federal Reserve Credit and Liquidity Facilities
Federal Reserve H.4.1 report
Federal Reserve Credit and Liquidity Report
Board of Governors Information on AIG Support
U.S. Treasury
Troubled Asset Relief Program (TARP)
Government Accountability Office
SEC AIG Filings
Congressional Oversight Panel
Special Inspector General for TARP
     
    Glossary»