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During 2021, COVID-19, the new Biden administration, the Tax Cuts and Jobs Act TCJA, the Coronavirus Aid, Relief and Economic Security Act CARES ACT, the American Rescue Plan ARP, and the uncertainty about the Build Back Better Plan BBB dominated the planning landscape.
On December 27, 2020, the President signed into law the Consolidated Appropriations Act, 2021. 1 Title X of Division N of that law ("Title X") contains several provisions that change the authority of the Board of Governors of the Federal Reserve System (the "Federal Reserve") to extend credit or purchase assets under Section 13(3) of the Federal Reserve Act (the "FRA"). 2 This provision was inserted into the bill by Senator Patrick Toomey of Pennsylvania, who believed that the Federal Reserve's programs initiated under Section 13(3) and funded under the Coronavirus Aid, Relief, and Economi...