“A bipartisan group of lawmakers on Monday urged the Federal Reserve to restrict its crisis lending programs for big banks. Congress approved billions of dollars in 2008 to stabilize banks. In addition, the Fed launched its own programs, such as an overnight loan facility for primary dealers. In all, the Fed provided more than $13 trillion to banks that relied on emergency lending programs for an average of 22 months, the letter said. ‘These loans were another bailout in all but name,’ the lawmakers said. The group criticized rules the Fed proposed in December 2013 to implement the Dodd-Frank requirement that emergency programs provide liquidity to the entire financial system, not failing banks.”
http://www.baltimoresun.com/business/sns-rt-us-financial-regulations-fed-20140818,0,2845782.story
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