Will anything change going forward in the Fed’s role as lender of last resort?

We took a close look at a new Federal Reserve draft document, “Extensions of Credit by Federal Reserve Banks,” issued December 23, 2013. This draft codifies Dodd-Frank Section 1101, which clarifies the Fed’s emergency lending authority. In theory, this is supposed to reduce risk for the public and taxpayers by keeping the Fed from lending to individual firms. But in reality, does the Fed’s proposal really change anything?

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