Julie Hill on the History and Recent Developments of Fed Master Accounts
Macro Musings with David Beckworth
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Is There Any Guidance in the Federal Reserve Act?
In the past, banks could have multiple accounts even at one bank. The Federal Reserve Act says that it may receive deposits from a member bank and depository institutions in the U.S. Other folks say, well, that's not exactly what it means. And do we really think that the Federal Reserve is free to tell the United States government that they couldn't have an account?
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