September 17, 2008
The Fed's Analysis of Its Section 13(3) Powers
Posted by David Zaring

Well, a couple of magazine articles about it, anyway.  It is here.  The key claim:  2008 is only sort of unprecedented.

it’s not the first time that Federal Reserve banks have made loans to businesses—all types of businesses, not just those related to the financial services industry. It won’t surprise you to learn that these loans began during the Great Depression, but they also continued for nearly 20 years.

Maybe, but when you have to go back to the Great Depression to find examples of the Fed bailing out nonbanks - and then, the nonbanks were attached to banks - well.....  Hat Tip: the WSJ econ blog.  We've got some nice comments on the Fed's statutory authority here.

Administrative Law | Bookmark

TrackBacks (0)

TrackBack URL for this entry:

Links to weblogs that reference The Fed's Analysis of Its Section 13(3) Powers:

Recent Comments
Popular Threads
Search The Glom
The Glom on Twitter
Archives by Topic
Archives by Date
January 2019
Sun Mon Tue Wed Thu Fri Sat
    1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31    
Miscellaneous Links