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The Fed can't legally save the world financial system in another 'Lehman' crisis

The Dodd-Frank Act, rushed through in a pageant of self-congratulation in 2010, prevents the Fed from rescuing individual companies in trouble (there must be at least five, and they must be solvent) or lending to non-banks in a panic. 

It can lend only to "insured depository institutions"

Ambrose Evans-Pritchard 14 February 2018

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