The Federal Reserve implemented the Bank Term Funding Program earlier this year to ensure that banks have the liquidity required to meet the needs of their depositors. It offers loan of up to one year against eligible U.S. Treasury and Agency collateral, valued at par. It has played a key role in stabilizing bank funding markets after the turbulence of earlier this year. Jim Bergin, a partner at Arnold & Porter and a former Deputy General Counsel at the New York Fed, will discuss the BTFP: what brought it about, its terms and conditions for use, its statutory basis, prospects for its continuance or expansion, and issues regarding discount window "stigma" and disclosure.