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27min chapter
George Selgin on Fed Master Accounts, Central Bank Independence, and the Fed’s Balance Sheet
Macro Musings with David Beckworth
Challenges and Legal Battles for Financial Innovation
This chapter delves into Custodia's 100% reserve banking proposal and its legal battle with the Federal Reserve over a master account application. It criticizes the Fed's stance on innovation and discusses the implications of the New York Fed's balance sheet policies, highlighting future financial challenges. Additionally, it explores the importance of the overnight unsecured interbank market and the necessity of the Fed's balance sheet size in the global dollar markets.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode