Saifedean is correct... if the Fed is the entity doing the buying. However I believe that won't be the case. According to Caitlin Long, Lummis was mistaken when she said "Excess reserves" which is a technical banking term, and I believe the bill itself will make it quite clear that what is being proposed is quite different, and will not implicate the Fed's discretion in the purchase.

Saifedean's signal dense quote is insightful on many levels.