The Government and the Federal Reserve are exploiting the virus crisis to implement another bailout – or attempted bailout – of the “Too Big To Fail Banks.” The stimulus Bill approved 96-0 by the Senate gives the Fed a $454 billion taxpayer funded “slush fund” for Wall Street bailouts. Just as troubling, the Bill suspends the Freedom Of Information Act for the Fed until the earlier of the time at which Trump terminates the National Emergency declaration or December 31, 2020.
The latter provision means that the Fed can conduct meetings in secret, is not under any circumstances required to disclose the meeting details to the public and it does not have to keep a record of notes. The public will never know how its $454 billion was spent or which banks and hedge funds (or individuals?) were the recipients of this taxpayer largess.
Wall Street On Parade takes a look at the implications of economic bailout Bill so far passed by the Senate. It remains to be seen if this secrecy provision will be challenged by the House but I’m not hopeful. You can read more on this here: Wall Street On Parade