Fed Sidesteps Congress’s Bickering With Sweeping Rescue Plan

The Federal Reserve ventured into political territory Monday by offering to directly finance U.S. companies, jumping ahead of Congress -- which is still arguing over similar assistance.

Unveiling unprecedented measures to shelter the economy from the coronavirus, the Fed acted after the failure so far by U.S. lawmakers to advance a $2 trillion dollar stimulus package.

“This is an all-out effort to ensure that the business sector can continue to exist even as economic activity temporarily collapses,” said Ian Shepherdson, chief economist of Pantheon Macroeconomics. “The Fed is now effectively the direct lender of last resort to the real ...