They won't support it because in a potential financial crisis/recession it would cause a bank run away from regular accounts to the fed backed accounts and it p

They won't support it because in a potential financial crisis/recession it would cause a bank run away from regular accounts to the fed backed accounts and it probably bankrupts half the financial system. More importantly, it's safer than US Treasury bonds, so not only are the banks potentially all hosed, so is the US government because people sell bonds and park their money at the fed causing interest rates to spike at precisely the time the government may need to issue debt to fix things. In other words, it's pretty much disastrous for everyone.