Investopedia says, “In the United States, the Federal Reserve acts as the lender of last resort to institutions that do not have any other means of borrowing, and whose failure to obtain credit would dramatically affect the economy.”
The Fed has created $billions in the past ten weeks (more on the way) and fed those billions into troubled banks, hedge funds, foreign banks and others. Lack of Fed transparency forces us to guess which institutions the Fed helped with $billions of nearly free currency units.
The Fed “Party Line:” We don’t disclose the recipients because it might cause a run on that institution. The Fed is important because it protects the economy from massive and destabilizing failures.
This is like announcing that we ignore graft and corruption in congress because telling the truth about our “leaders” could destabilize trust in congress.