What Is 13-3? Why a Debate Over the Fed Is Holding Up Stimulus Talks – The New York Times

As markets melted down in March, the Federal Reserve unveiled novel programs meant to keep credit flowing to states, medium-sized businesses and big companies and Congress handed Treasury Secretary Steven Mnuchin $454 billion to back up the effort.

Nine months later, Senate Republicans are trying to make sure that those same programs cannot be restarted after Mr. Mnuchin lets them end on Dec. 31. Beyond preventing their reincarnation under the Biden administration, Republicans are seeking to insert language into a pandemic stimulus package that would limit the Fed s powers going forward, potentially keeping it from lending to businesses and municipalities in future crises.

The last-minute move has drawn Democratic ire, and it has imperiled the fate of relief legislation that economists say is sorely needed as households and businesses stare down a dark pandemic winter. Here is a rundown of how the Fed s lending powers work and how Republicans are seeking to change them.

via www.nytimes.com

This is a big deal. Those restrictions are all that stand in the way of us and hyperinflation. Or so I learn on youtube.