This study will analyze a libertarian approach to post-Lehman emergency lending in accordance with Federal Reserve rescue authority,with a major focus on the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The analysis will attach its attention to the evolving political context in which the U.S. domestic political discourse has been influenced increasingly by libertarianism, involving the rise of populist movements such as the "TEA (Tax Enough Already)" Party. This paper will first begin with a standard account on libertarianism as a major current of American political philosophy, which is rather unfamiliar to Japanese students in the field. Second, the analytical focus will be placed on an overview on the unique features of the Federal Reserve Board system as central bank, followed by a libertarian understanding on where the system stands in the context of the U.S. political economy. Third, this work will highlight the Dodd-Frank Act that is intended to prevent the Federal Reserve Banks from repeating massive discretional emergency lending to major insolvent banks as found in the post-Lehman financial crisis management. Fourth, the paper will identify the Act's major existing pitfalls that could enable to repeat such discretionary lending, followed by a set of policy proposals aimed to remove those pitfalls. The study will be designed to facilitate understanding the ongoing debate on the post-Lehman financial reforms, emphasizing the central importance of libertarian perspectives that reveal the exploitative nature of the finance-centered U.S. socio-political regime as the basis of the U.S. global economic hegemony.