Nov 14

The Fed wants to veto state banking authorities. But is that legal?

Category : Press

“The Federal Reserve has recently used a once-obscure policy lever to thwart two efforts at financial innovation. In one case, a new credit union hoped to serve marijuana-related businesses; in the second, an entrepreneur wanted to open a bank that would pass along to customers the higher interest rates the Fed pays to banks. The Fed doesn’t like either business model. But does it have the legal authority to stop them?”

Article by Peter Conti-Brown,

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