> […] I think we ought to consider a system where the Government or Fed provides the core functionality of “let me put $X in an account so I can use $X in the f

> […] I think we ought to consider a system where the Government or Fed provides the core functionality of “let me put $X in an account so I can use $X in the future” for free […] The Odd Lots podcast recently had an episode "Is It Time For Public Checking Accounts at the Fed?": > When Silicon Valley Bank failed, the government stepped in and guaranteed that all accounts — even those well above the FDIC threshold for deposit insurance — would be made whole. So now people are wondering whether all accounts at every bank are implicitly guaranteed, regardless of their size. But if they are, then what is the point of private, for-profit retail banking? On this episode of the podcast, we speak with Saule Omarova, a professor at Cornell Law School. She had been nominated by President Biden to head the Office of the Comptroller of the Currency, but was forced to withdraw due to fierce opposition from the banking lobby. That opposition was based, in part, on her endorsement of public checking accounts at the Federal Reserve. But what was a seemingly "out there" view a year ago, is now firmly within the Overton Window of political possibilities. On this episode, we discuss the SVB disaster, what it means for banking, and the case for a public option. * https://www.podchaser.com/podcasts/odd-lots-40661/episodes/is-it-time-for-public-checking-167525227 https://www.podchaser.com/podcasts/odd-lots-40661/episodes/i... * https://www.youtube.com/watch?v=3Zkzpz9aK3I https://www.youtube.com/watch?v=3Zkzpz9aK3I * Also on Apple Podcasts, etc. Transcript: * https://www.bloomberg.com/news/articles/2023-03-23/transcript-saule-omarova-on-the-case-for-public-accounts-at-the-fed https://www.bloomberg.com/news/articles/2023-03-23/transcrip... * https://archive.is/9yROE https://archive.is/9yROE