Kirk Elliott PhD is interviewed by John Michael Chambers on the Nemos News Network.  Here are bullet points of the eye opening interview.

• The Fed (by previous mandate) was only able to but official government securities and were autonomous to the White House.
• With the new arrangement—they were just neutered.
• The Treasury Department will determine which markets/segments need capital (could be stocks, municipals, specific industries, even corporate debt—doesn’t appear there is a restriction)
• The Treasury Department gets to tell the Fed to print money and how much
• All the FED does is print that much money
• A third party (BLACKROCK) executes the trades that the TREASURY department dictates.  This gets everything out of the hands of the FED except for the printing of money.
• Still not sure who determines interest rates.

Taking out the fluff, this is basically the framework of how it appears to hav been set up moving forward.