I think this is actually a monumental shift in the whole US political system were it to be enacted. Because it drastically broadens the scope of actions the Fe

I think this is actually a monumental shift in the whole US political system were it to be enacted. Because it drastically broadens the scope of actions the Fed or another CB is capable of therefor increasing its influence and importance. And keep in mind the people running it are not democratically elected and are partially private banks. Right now the fed basically has no direct tie to the real economy. They always have to act indirectly via asset purchases from large institutions. They basically have one hand tied behind their back all the time. This unties that hand and allows them to interact with the real economy directly and not just the financial intermediaries.