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A comment on ‘Stealth bailout’ shovels millions of dollars to oil companies. Parent comment

Re:‘Stealth bailout’ shovels millions of dollars to oil comp... by toomuchtodo on Friday May 15, 2020 @04:00PM (#23196723)
> I'm sure there's some very good reason we didn't do it. Love to hear it.

Congress. The Fed did everything possible without straying too far beyond their mandate and authority granted to them by Congress ("unlimited support", special vehicles to lend where they technically should not be lending). Only Congress can direct the Treasury to issue payments directly to citizens.

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Re:‘Stealth bailout’ shovels millions of dollars to oil comp... by sumedh on Saturday May 16, 2020 @05:27AM (#23201886)
> Only Congress can direct the Treasury to issue payments directly to citizens.

Doesnt the Senate have to approve the deal?

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Re:‘Stealth bailout’ shovels millions of dollars to oil comp... by toomuchtodo on Saturday May 16, 2020 @12:35PM (#23204907)
As Jeff Goldblum would say, “There it is.”
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Re:‘Stealth bailout’ shovels millions of dollars to oil comp... by archgoon on Friday May 15, 2020 @04:02PM (#23196752)
Oh; so this was part of the fed stimulus, not the 2 trillion congress stimulus bill?
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Re:‘Stealth bailout’ shovels millions of dollars to oil comp... by toomuchtodo on Friday May 15, 2020 @04:04PM (#23196765)
Ironically, no! The Congressional CARES act is what authorized this specific "back door" and provided woefully inadequate economic support to citizens.

J Powell was clear to Congress that he couldn't provide the necessary economic stimulus, and they would have to (direct transfer payments). And they didn't provide anywhere near what was needed. Call your Congressional rep.

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