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Trump strips Biden's Fed of key emergency lending powers; Powell's wings clipped before recovery arrives

Nov 21, 2020 - The Daily Telegraph (London)

THE Trump administration is to shut down the emergency lending powers of the US Federal Reserve, taking extraordinary action to block reserve funds for the incoming Biden treasury and prevent a Democrat bailout of state and local governments.

The pre-emptive strike marks a breakdown in the normal cooperation between the US treasury and the Fed, and comes just as the winter wave of Covid-19 reaches a crescendo. The services sector is already spiralling back into contraction, with a cliff-ed...