>>9883835https://finance.yahoo.com/news/feds-cure-risks-being-worse-110052807.htmlAuthor (Jim Bianco) oversimplifies. The Treasury technically won't own the assets.
The stimulus package authorizes Treasury to use up to $500B of taxpayer-funded money to backstop purchases by the Fed. This is on top of approximately $94B that the Treasury already had in the fund.
https://www.politico.com/news/2020/03/25/whats-in-stimulus-package-coronavirus-149282At a risk of 10% loss, the Fed can thus take on a balance sheet of over $5T, which is exactly what they are doing. They are buying up massive amounts of many kinds of debt.
More likely than not, there won't be 10% loss. More likely than not, the assets are currently undervalued and will eventually be sold at a profit (to the Fed and to the Treasury), just as was the case after the Great Recession.
So, no, Trump is not taking over the Fed. As has been the case for over 10 years, the Fed and the Treasury are working hand in hand with the President's team. Nothing new here, except the massively increased scale of lending.