The Wimpy Fed Regime

"As I mentioned in Politics of Foreign Debt: Why the government had to bail out the GSEs, the Treasury has set an important precedent. This comes on top of several that the Fed has also made, such as by extending to investment banks lending facilities that are only authorized by its charter to support commercial banks. Mayer asserts that the Treasury's new powers are unconstitutional, and I have not found any evidence to contradict this claim."