On the recordMarch 2, 2009
The Fed is the central bank, supposed to be the lender of last resort. Now it has become the lender of first resort, it seems to me.
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congress.govRichard Shelby: “The Fed is the central bank, supposed to be the lender of last resort. Now it has become the lender of first resort, it…”
Editor's note · Context
Shelby critiques the Federal Reserve's role in the banking crisis, suggesting it has shifted its purpose.
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Feb 28, 2023
As Senator Shelby at our Senate testimony hearing last March pointed out to us, we must maintain what we have before we can build new, and I think he hits the mark head-on.
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