Which federal law requires the appointment of an independent corporate trust intermediary between borrowers and lenders?

The Trust Indenture Act of 1939 is the federal law that mandates the appointment of an independent corporate trust intermediary between borrowers and lenders. This law was enacted to protect the interests of bondholders by ensuring that there is a neutral party overseeing the execution of trust indentures. The independent trustee acts as a fiduciary for bondholders, making sure that the terms of the indenture are adhered to by the issuer of the bonds.

The law's requirements help to mitigate the risks associated with bond offerings by providing an added layer of oversight and accountability. This is crucial because it helps to ensure that the rights and interests of all parties involved, particularly the investors or bondholders, are safeguarded throughout the life of the bond issue.

The other laws mentioned do not specifically address the requirement for a corporate trust intermediary in the same manner. For instance, the Securities Act deals primarily with the registration and disclosure of securities during their offering. The Securities Exchange Act focuses on the regulation of securities transactions on the secondary market. The Federal Reserve Act, on the other hand, primarily establishes the Federal Reserve System and regulates monetary policy rather than addressing the specifics of corporate trust relationships.