The U.S. Federal Reserve has agreed to channel $30 billion into the global financial system by establishing temporary reciprocal currency arrangements, also called swap lines, with four more central banks, the Fed announced Wednesday.

The Fed said it established the currency exchange to address "elevated pressures" in dollar funding in the markets. The lines were established with the Reserve Bank of Australia, the Sveriges Riksbank (Sweden), the Danmarks Nationalbank (Denmark), and the Norges Bank (Norway).

The Fed's action occurs after overnight interest rates rose on concern the U.S. Treasury's proposed $700 billion bailout of the financial system will likely encounter revisions and a vote delay in the U.S. Congress.

Economist Richard Felson said he approved of the Fed and other central banks' effort to maintain both liquidity and an adequate flow of dollars in international markets.

"The swap lines will help maintain liquidity and address pressures building in the Asia Pacific region," Felson said. "Among other benefits, this will increase the amount of dollars available for money markets."

Felson added that the Fed and other central banks' goal is to maintain liquidity and "keep the credit creation process in motion." Bank concern about the ability of fellow banks to repay money has periodically led to decreased bank-to-bank lending during the financial crisis. If that tactic continues, it could eliminate a source of credit companies and others need to conduct business, restricting commercial activity.