Fed Chair Powell spent more than a year as a punching bag for President Trump, who once said the central bank chief had “no ‘guts,’ no sense, no vision!” Now, Powell‘s been given extraordinary discretion to lead govt efforts to stave off a deep recession
Waters, a California Democrat, urged the Fed to require large corporations that borrow from the central bank to “protect existing collective bargaining agreements and ... to guarantee workers full paid leave, worker representation on corporate boards, and a $15 minimum wage.”
“Congress has abdicated its control and responsibility for what really are programs that go beyond just maintaining the liquidity of the economy but actually involve substantial amounts of lending to firms that are likely to be insolvent,” said George Selgin, an economist at the libertarian Cato Institute.
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