The act establishing the Federal Reserve is "The Federal Reserve Act" from 1913, which has been amended dozens of times in the past century, and as recently as the 2015 FAST act (a transportation act which, for whatever reason, added a requirement that the individual federal reserve banks (NY Fed, STL Fed, MIN Fed, SF Fed, BOS Fed, etc) must transfer deposits >10B over to the FR general fund): https://www.congress.gov/bill/114th-congress/house-bill/22?q=%7B%22search%22%3A%5B%22%5C%22FAST+act%5C%22%22%5D%7D&s=7&r=11 In 1934, the "Gold Reserve Act" transferred all the gold from the Federal Reserve to the US Treasury; and gave the Treasury and President the power to set gold prices (i.e., taking us off of the gold standard) https://www.loc.gov/law/help/statutes-at-large/73rd-congress/session-2/c73s2ch6.pdf It is this act that is amended by the CARES act: https://www.congress.gov/bill/116th-congress/senate-bill/3548/text?format=txt&q=product+actualizaci%C3%B3n (g) Conforming Amendment.--Section 10(a) of the Gold Reserve Act of  1934 (31 U.S.C. 5302(a)) is amended--             (1) by striking ``and'' before ``section 3''; and             (2) by inserting ``and the Coronavirus Economic          Stabilization Act of 2020,'' before ``and for investing''.  Part of allowing the president to set gold prices by fiat, the Gold Act creates an arm of the Treasury empowered to buy and sell gold in order to maintain the gold value of the dollar. If the president says "an ounce of gold is now worth $2", then that arm of the treasury would engage in selling gold and gold contracts to try to maintain that parity; if the president says "an ounce of gold is now worth $5000" that arm of the treasury would be a bulk purchaser of gold at that price -- at least under the original act. The CARES amendment appears to place a secondary structure within the treasury, and alter the Gold Reserve Act to establish that the Treasury can move funds to and from the Federal Reserve not only for maintaining gold parity, but also for activities related to the Coronavirus act of 2020. That's all. No changes to the Fed or amendments to the Federal Reserve Act. See https://www.brookings.edu/research/explaining-the-new-fed-treasury-emergency-fund/ for what the CARES act really does (it has the treasury give money TO the federal reserve)