Hmmm....
The Fed Reserve would be the only ones who’d buy the debt.
The rest of the bond market wouldn’t touch it.
Then, when congress didn’t retroactively authorize it the Fed would take the loss.
What a platform for Dems to run on: “Vote for me to tax you for the Federal Reserve’s sake!”
The House Repubs COULD openly and publicly warn the Fed that if they bought invalid bonds, a future administration (hint) could have their entire board prosecuted for fraud.