Costs Of Fed's Actions In Financial Crisis: CBO Study

The Federal Reserve System used its traditional policy tools to reduce shortterm interest rates and increase the availability of funds to banks, and it created a variety of nontraditional credit programs to help restore liquidity and confidence to the financial sector. In doing so, it more than doubled the size of its asset portfolio to over $2 trillion and assumed more risk of losses than it normally takes on.
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In CBO’s estimation, the fairvalue subsidies conferred by the Federal Reserve System’s actions to stabilize the financial markets totaled about $21 billion.

The Budgetary Impact and Subsidy Costs of the Federal Reserve’s Actions During the Financial Crisis by Milton Recht