Federal Reserve's Legal Authorities for Responding to the Economic Impacts of COVID-19 [Updated March 27, 2020] [open pdf - 725KB]
From the Document: "The COVID-19 coronavirus has upended financial markets and the real economy. As the virus has spread, businesses across the country have closed their doors, major stock indexes have lost over a quarter of their value, and debt and commodity markets have experienced extreme volatility. While Congress is considering the appropriate fiscal response to these developments, the Federal Reserve (the Fed) has implemented several monetary policies and lending programs to stimulate demand and inject liquidity into the financial system. This Sidebar discusses the Fed's responses to the coronavirus, the legal bases for those actions, and the central bank's authority to take further steps to contain the economic fallout from the virus."
CRS Legal Sidebar, LSB10435
Congressional Research Service: https://crsreports.congress.gov/