WASHINGTON-Few question the Federal Reserve Board's recent efforts to stabilize the economy, but plenty of people are wondering how much risk the central bank is taking.

In the past week, the Fed has agreed to put up $30 billion to facilitate Bear Stearns Cos.' takeover by JPMorgan Chase & Co.; opened the discount window to investment banks it does not supervise; and broadened the scope of acceptable collateral for liquidity auctions to include mortgage-backed securities.

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