Fed Plans Bank Guidance in Event Aug. 2 Deadline Missed
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The Federal Reserve is readying guidance for banks in the event the U.S. debt limit isn’t raised and the Treasury Department runs out of money to pay all of its bills, a Fed official said.
“As part of prudent contingency planning and in response to questions from the industry, the Federal Reserve is working with other bank regulators to prepare guidance for financial institutions,” Fed spokeswoman Barbara Hagenbaugh said today in Washington.