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The Fed adopted a rule that would limit emergency loans to failing companies on Monday. The rule will limit the Fed's ability to save companies that are supposedly "too big to fail".
The rule "eliminated the authority to lend for the purpose of aiding a failing firm or preventing a firm from entering bankruptcy or another resolution process," the Fed Chairwoman Janet Yellen said.
"Emergency lending is a critical tool that can be used in times of crisis to help mitigate extraordinary pressures in financial markets that would otherwise have severe adverse consequences for households, businesses, and the U.S. economy," she added.
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