... losses. These actions depended on the Fed’s exercise of its emergency authority, and the Fed seized the opportunity to revive and surpass the already monumental interventions of 2008–2009. Congress and Treasury encouraged and underwrote the Fed’s revamping of the 2008–2009 facilities...

... looks like a delegation of emergency authority. The President’s influence over immigration instead has deeper roots. His role has extended far beyond responding rapidly in emergency contexts to exploiting seemingly limited powers to serve an administration’s ongoing foreign and domestic policy...