Annotation. The article describes the main stages of the credit programs and quantitative easing implemented by the Fed during the development of the global economic crisis in 2007-2012. The shown are the most significant negative trends that emerged during the implementation of the quantitative easing program. Proposals to minimize the risks for the real economy, the payment system and deposits of the population, associated with the unstable state of the financial sector.

Keywords: Federal Reserve System, FED, quantitative easing, credit easing, derivative financial instruments, Federal Debt Held by the Public.