At the end of March, Congress passed and President Trump signed into law the CARES Act to protect people financially impacted by the coronavirus. The legislation expanded unemployment insurance and created an emergency small business lending program. But the act also authorized the Federal Reserve to lend to large publicly traded corporations and financial institutions—in other words, it licensed bailouts.

These bailouts permit the Federal Reserve to extend $4 trillion of credit to big corporations and Wall Street. That’s equivalent to a $13,000 loan to every single person in America. But that money isn’t going to working people, communities, or small businesses. Instead, that money is going to be used to bail out large corporations and high-risk investors with few, if any, significant restrictions and limited oversight. Perhaps most outrageously, these bailouts will be used to prop up private equity funds, which should probably not exist.

These provisions represent a massive, enduring transfer of power to billionaires and big businesses with essentially no strings attached. There is no meaningful requirement that this money going to the largest corporations be spent in a manner that will actually help and protect people and businesses most hurt by the coronavirus. Instead, large corporations and financiers have free rein: They’re free to take this money, enrich their CEOs, fire workers, and buy back their own stock. They can also just take the money and use it to buy up smaller competitors, further consolidating economic and political power.