It was implemented for the smooth functioning and stabilization of the financial market. The Fed introduced the Term Auction Facility (TAF) which allows banks to borrow at a rate determined through a competitive auction. Additionally, the Fed has established new lending programs to expand its liquidity supply outside of banking institutions, including investment banks, and loans to promote purchases of securities such as commercial paper, MBS, etc. Additionally, the Fed committed to loans to Bear Stearns, AIG, and Fannie & Freddie. The expansion of the Fed's lending programs from 2007 to 2009 was extraordinary. Liquidity was also increased through swap lines with foreign exchanges