> "Edit: It was during the Obama administration but implemented by the Fed, which is independent of the White House administration (thank god.)" I was half-lis

> "Edit: It was during the Obama administration but implemented by the Fed, which is independent of the White House administration (thank god.)" I was half-listening to Jerome Powell (Fed Chairman) testify before congress today and one congresswoman (CW) asked him (JP) something like: CW: Are there any tools you need that we can give you? JP: No, we have all the tools we need at the moment. CW: Well what about directly purchasing municipal bonds? I learned you aren't allowed to do that. JP: That type of activity is outside the scope of our mandate. CW: Well there are many cities going bankrupt that need someone to buy the bonds so if we give you the power to do that will it help if you can buy them? JP: The best thing you can do to help is have a sane fiscal policy and reduce the deficits.