Fed said to have emergency plan to intervene if U.S. defaulted on debt

http://www.reuters.com/article/2015/05/11/us-usa-debt-idUSKBN0NW1YS20150511

The Federal Reserve drew up extensive plans for handling a U.S. debt default that included scheduling deferred payments and lending cash to investors, according to a lawmaker who cited Fed documents.
...
In a June 2014 letter to Treasury Secretary Jack Lew seen by Reuters on Monday, Republican Representative Jeb Hensarling of Texas said his staff had reviewed the Fed's unclassified plans for how to handle a default. (bit.ly/1GZDmKo)
The plans included scheduling new payment dates for defaulted securities, Hensarling said in the letter which was also signed by Republican Representative Patrick McHenry of North Carolina.