There was coverage at the time of passage ... part of the CARES Act provided that the treasury create & sell financial vehicles to the federal reserve though, ordinarily, it’s the other way around (whereby USA gave over sovereignty to the fed). In essence, it appears POTUS has swung a deal whereby the Federal Reserve relinquishes up to $4 trillion back to the US Treasury Dept. and is thus seemingly a wash for now and, in the future, reigns in the federal reserve with that newly established leverage over the fed now held indefinitely. TBD ;)
Steven W, loved your reply and I’d like to understand it better. I really don’t fully understand the purpose of the FED and how it operates and who’s in charge. I hear contradictory statements that no one bothers to explain in part because I think they don’t understand themselves. But you seem to have a grasp on this veiled agency. Could you help me to better understand the FED and suggest some reading material.