The Federal Reserve's Foreign Exchange Swap Lines.

The article offers an overview of the foreign exchange swap line program in the U.S. It identifies the global disruptions to dollar funding markets in 2007 and 2008. It describes the initial structure of the program and the revision of the structure during the 2008 to 2009 global financial crisis. It further examines how indicators of funding pressures carried out over the program's two-year course and presents results from several dollar funding operations accomplished through the swap lines.