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ARTICLE · 28 APRIL 2020

FERC And NARUC Heads Support Request Of Utilities To Extend CPFF

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On April 7, Neil Chatterjee, Chairman of the Federal Energy Regulatory Commission (FERC) and Brandon Presley, President of the National Association of Regulatory Utility Commissioners (NARUC)...

United StatesEnergy and Natural Resources
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On April 7, Neil Chatterjee, Chairman of the Federal Energy Regulatory Commission (FERC) and Brandon Presley, President of the National Association of Regulatory Utility Commissioners (NARUC) sent a letter to the Chairman of the Board of Governors of the Federal Reserve System (Federal Reserve) in support of a March 24, 2020 request by the Edison Electric Institute (EEI), the American Gas Association (AGA) and the National Association of Water Companies (NAWC) that the Federal Reserve extend purchasing under the Commercial Paper Funding Facility (CPFF) to commercial paper programs that are rated at A2/P2/F2 Tier 2 by at least two of the major credit rating agencies.

On March 17, in response to the COVID-19 national emergency, the Federal Reserve established a CPFF to provide a "liquidity backstop" to U.S. issuers of commercial paper through a special purpose vehicle (SPV) authorized under section 13(3) of the Federal Reserve Act. The U.S. Treasury will provide $10

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