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ABA-Powell: Fed Will 'Make Progress' on SPDIs.

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ENPNewswire-January 12, 2022--ABA-Powell: Fed Will 'Make Progress' on SPDIs

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Release date- 11012022 - Federal Reserve Chairman Jerome Powell told members of the Senate Banking Committee today that there are 'good arguments' for granting special purpose depository institutions Fed master accounts and that the Fed will 'make some progress' on the issue.

Powell added that the Fed is taking time to consider the SPDI applications because of how important these applications are from a precedential standpoint. 'We start granting these, there will be a couple hundred of them pretty quickly and we have to think about the broader safety and soundness implications,' said Powell.

Asked by Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) about whether a central bank digital currency should being developed to enable consumers to have retail accounts with the Fed, Powell confirmed that the Fed does not have the experience or capability to do so...

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