> I'm sure there's some very good reason we didn't do it. Love to hear it.
Congress. The Fed did everything possible without straying too far beyond their mandate and authority granted to them by Congress ("unlimited support", special vehicles to lend where they technically should not be lending). Only Congress can direct the Treasury to issue payments directly to citizens.
Ironically, no! The Congressional CARES act is what authorized this specific "back door" and provided woefully inadequate economic support to citizens.
J Powell was clear to Congress that he couldn't provide the necessary economic stimulus, and they would have to (direct transfer payments). And they didn't provide anywhere near what was needed. Call your Congressional rep.
Congress. The Fed did everything possible without straying too far beyond their mandate and authority granted to them by Congress ("unlimited support", special vehicles to lend where they technically should not be lending). Only Congress can direct the Treasury to issue payments directly to citizens.