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Should the Fed be allowed to discriminate to prevent entry and innovation?
When the Fed undertook a series of quantitative easing operations to control interest rates and lift the economy out of the Great Recession, it began paying banks interest on bank reserves. As the Fed raised the interest rate paid on reserves, new specialized banks formed to capture that interest. The Fed has resisted opening accounts for these new banks, triggering legal action.
The first panel focuses on access to Fed services and the Fed’s proposal to pay different interest rates.
While the second panel discusses the financial stability implications of allowing new, limited-purpose banks access to Fed services.
Join AEI’s Paul Kupiec and our panel of experts including, Bert Ely, Ely & Co., Andrew Levin, Dartmouth College, Bill Nelson, Bank Policy Institute, Oliver Ireland, Morrison & Foerster, Jerry Dwyer, Clemson University, Jamie McAndrews, The Narrow Bank, and George Selgin, Cato Institute.
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