“James McAndrews says a fundamental shift in the way the Federal Reserve interacts with the American financial system is coming. Soon. He should know. The former co-director of research at the New York Fed, McAndrews spent the better part of three decades behind the scenes for some of the central bank’s biggest changes.
Now, as chairman and chief executive officer of TNB USA Inc., the 62-year-old plans to be at the vanguard of the next major evolution. It’s one he says is all but inevitable: the emergence of ultra-safe, razor-focused private banks whose singular purpose is to allow institutional investors to park cash at the Federal Reserve.”
Article by Alex Harris, Bloomberg.comRead Full Article