“Last week (April 9, 2020) the Fed announced it would be opening a new Municipal Liquidity Facility (‘MLF,’ ‘Facility’) for States and their Subdivisions now struggling to address the nation’s COVID-19 pandemic. This is effectively ‘Community QE’ in all but name. Because Community QE will constitute a literal lifeline to States and their Subdivisions, and will in light of its novelty be as unfamiliar as it is essential, this policy note briefly summarizes what the new Facility enables now and will likely enable in the future. It also recommends a three-phase ‘Game Plan’ for States and Cities to put into operation immediately – that is, tomorrow. “
