Following the financial crisis of 2008, commercial banks relied heavily on the Fed as a lender of last resort, borrowing approximately $700 billion.

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This statement is true. During the financial crisis of 2008, commercial banks relied heavily on the Federal Reserve as a lender of last resort to access liquidity and stay operational. The total amount of borrowing from the Fed by commercial banks during this time period was approximately $700 billion.

Following the Financial Crisis of 2008, Commercial Banks Relied Heavily