More on the The Fed and the Treasury merging. Powell said this was the case today (from his Q&A at 29 minutes 7 seconds): "These programs we are using, under the laws, we do these, as I mentioned in my remarks, with the consent of the Treasury Secretary and the fiscal backing from the congress through the Treasury. And we are doing it to provide credit to households, businesses, state and local governments. As we are directed by the Congress. We are using that fiscal backstop to absorb any losses we have. Our ability is limited by the law. We have to find unusual, and exigent circumstances and the Treasury Secretary has to agree, and we are using this fiscal backstop. There is really no limit on how much of that we can do other than meet the tests under the law as amended by Dodd-Frank."
Watch “WATCH: Fed Chair Jerome Powell discusses impact of COVID-19 on the US economy” on YouTube
More from UncategorizedMore posts in Uncategorized »
- Crack in I-40 Mississippi River Bridge Could Affect the Supply Chain, From Barges to Trucking
- Open Letter to Biden from Retired Generals and Admirals
- Chinese Military Discussed Weaponizing COVID In 2015 ‘To Cause Enemy’s Medical System To Collapse’
- High-Ranking Swiss Embassy Employee Plunged to Her Death in Iran Before She Can Testify Against BidenHigh-Ranking Swiss Embassy Employee Plunged to Her Death in Iran Before She Can Testify Against Biden
- A New Trial for Derek Chauvin?