Sun Shines on Fed 'Doomsday Book'.

The article discusses the Doomsday Book, an internal document used by the Federal Reserve Bank of New York to guide its actions during financial emergencies. The book contains legal opinions and records pivotal decisions made during times of financial distress. It reveals a history of diverging perspectives on the Federal Reserve's emergency powers, with the New York Fed taking a more flexible interpretation and the Fed Board of Governors adopting a more cautious approach. The article suggests that these differing views have implications for future crisis responses and emphasizes the importance of holding the Federal Reserve accountable for its actions. [Extracted from the article]