However, the Act entrusts the Federal Reserve with powers of supervision over all bank holding companies as well as any non-bank financial entity that can be a threat to financial stability regardless of whether they are bank holding companies or not, and to oversee the payment, clearing and settlement system.
In the United States, securities markets were far more important than in Japan, and even financial institutions depend heavily on CP markets for their own finance. And the collapse of securities markets was widespread. Thus, the Fed was obliged to undertake massive and wide-ranging intervention.