During the recession, Obama continued Bush’s policies of bailouts for financial institutions. This goes to the economic principle that stabilizing markets was important for economic recovery. On page 593, Levy says, “Meanwhile, through the TARP, the Treasury Department injected public capital into the largest US banks.” This helped to slow the crisis and promote public levity. This represents the desire to maintain the economic status quo. Similarly, the Obama administration attempted to do this as well with the troubled Asset Relief program and the stress test on major banks in order to maintain economic stability. This being said, Obama still campaigned against policies put forth by Bush, but larger economic stabilization came to maintaining status quo. 

The U.S. Treasury and the Federal Reserve have economic authority because that is apart of their expertise. Economic crises require decisions that are based on expert opinions. In Congress, it can take a long time for legislation to pass. Therefore, the two unelected bodies provide the ability for the United States to respond to economic situations. Furthermore, Congress has delegated authority to these instiuttions in order to act independently of political pressures that congress may be subjected to.