Nov 28

The Fed refuses to do business with the safest bank on earth – and depositors pay the price.

Category : Press

“If you live in Connecticut, there’s a new bank in town whose only business goal is to pay its depositors a rate very close to the Federal Reserve’s IOER (interest on excess reserves) rate. The current IOER rate is 2 percent and likely to rise to 2.25 percent by year-end. This new bank, TNB, plans to pay its depositors this generous rate without taking on any risk — none. The only thing stopping TNB from opening its doors, taking deposits, and paying high deposit rates is the Federal Reserve Board.”

Article by Paul H. Kupiec,

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