Problem
According to the Federal Reserve Act of 1913 (Section 13.3), "In unusual and exigent circumstances, the Board of Governors of the Federal Reserve System, [...] may authorize any Federal reserve bank, during such periods as the said board may determine, [...] to discount for any individual, partnership, or corporation, notes, drafts, and bills of exchange [...]." During the 2007-2009 financial crisis, the Federal Reserve was highly criticized for providing liquidity to corporations and individual market participants (most notably in the commercial market paper). Do you think the Federal Reserve acted according to its mandate, or that it wrongfully used its ability to support the financial system?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.