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Why The Federal Reserve's Power Is 'Limitless'

FiveThirtyEight Politics

What Kinds of Things Could You Do With the Fed's Board of Governors?

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There are seven members on the Fed's board of governors. So you get five partisans. That's kind of the minimum you'd need to make this work. You could really see a situation where in a moment of crisis, they with the sign off of the Treasury Secretary set up a lending facility for state and local governments. They can pick winners and losers in a political way and basically hand out money at very cheap rates for very long terms.

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