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Illinois First State to Get Free Money from Fed — Armstrong Economics

Illinois became the first entity to borrow from the Fed’s new facility known as the “Municipal Liquidity Facility” for state and local governments. The Fed’s legal authority lies in section 13(3) of the Federal Reserve Act. This authorizes the Fed to directly lend to “individuals, partnerships and corporations” in “unusual and exigent circumstances.” Section 13(3)…

via Illinois First State to Get Free Money from Fed — Armstrong Economics

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