WASHINGTON (AP) - The Federal Reserve will auction another $100 billion in April to cash-strapped banks as it continues to combat the effects of a credit crisis.
The central bank said Friday it would make $50 billion available at each of two auctions on April 7 and April 21.
Through the end of March, the Fed has provided $260 billion in short-term loans to commercial banks through an innovative auction process. It also has employed Depression-era provisions to provide money to investment banks.
All the moves are designed to cope with a financial crisis that has roiled U.S. and global markets and caused the near-collapse of Bear Stearns, the nation's fifth largest investment bank.
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