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Fed Urged to Ensure Emergency Lending Rules Bar Bailouts

The Federal Reserve must clarify its emergency lending authority rules to foreclose the possibility of “backdoor bailouts” in a future financial crisis, a bipartisan group of lawmakers said in a letter today.

The central bank’s proposed rules for emergency lending place “no meaningful restrictions” on its lending powers in a time of crisis, inviting the prospect of assistance similar to that provided five years ago, 15 Senate and House members wrote in the letter to Federal Reserve Chair Janet Yellen.

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