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There is a massive difference between allowing anyone to have an account at the Federal Reserve vs only commercial banks.
by olalonde 5y ago
There is a massive difference between allowing anyone to have an account at the Federal Reserve vs only commercial banks.
- sc68cal 5y agoNot really, because Modern Monetary Theorists on the political left have been advocating for people to be given accounts at the Fed for universal basic income
- Mountain_Skies 5y agoI've seen lots of calls for the USPS to act as a retail bank but never for the Fed to do so, but maybe the idea would be for the Post Office to be the retail store front for Fed accounts?
- abeppu 5y ago> The Federal Reserve Act does not authorize direct Federal Reserve accounts for individuals, and such accounts would represent a significant expansion of the Federal Reserve’s role in the financial system and the economy. Under an intermediated model, the private sector would offer accounts or digital wallets to facilitate the management of CBDC holdings and pay- ments. From the Central Bank Digital Currency section under the Intermediated heading.