Yesterday, March 23, the Board of Governors of the Federal Reserve System (the “FRB”) announced the latest in a series of extraordinary actions intended to help mitigate the impacts of the COVID-19 pandemic on the U.S. economy.  Unlike the measures announced last week – which mostly involved re-establishing emergency programs that were used during the 2008–09 financial crisis to help financial institutions – yesterday’s measures include several unprecedented actions designed to provide assistance to U.S. commercial enterprises.

Click here to read Covington’s client alert regarding FRB’s announcements.