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The next Congress is going to be interesting.

“We’re talking about huge sums of money going to bail out large foreign banks,” said Bernie Sanders, the independent senator from Vermont. “Has the Federal Reserve of the United States become the central bank of the world?”

About 55 per cent of cumulative loans under the Term Auction Facility (TAF) – the largest crisis programme – went to US branches of foreign banks. Another 5 per cent went to US banks owned by foreign parents. German banks took about 15 per cent of total lending and UK banks about 12 per cent.

FT