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Who gets a direct line to the Fed? Congress weighs risks of Fed 'skinny accounts' for crypto and fintech firms
As the Federal Reserve considers granting digital-asset and fintech firms limited access to the central bank through so-called "skinny" accounts, lawmakers debated how much access — and influence — those companies should have in the U.S. payments system. On Wednesday, during a House Financial Services Committee hearing to discuss the changing role of banks and fintechs, particularly a new idea from the Federal Reserve that would allow certain crypto-focused banks to have direct access to the central bank. That raises important questions about safety and soundness, said Rep. Dan Meuser, R-Penn. "Access to ... (full story)
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