Federal Reserve Governor Waller: The Federal Reserve will launch a "streamlined master account" this year

PANews, February 10th – According to The Block, Federal Reserve Governor Christopher Waller stated that the Fed plans to launch its "streamlined master account" proposal by the end of the year. Waller said at an event hosted by the Center for Global Interdependence on Monday that he hopes to implement this streamlined version of the Fed's master account by year-end.

The traditional "master account" allows institutions to directly access the Federal Reserve's payment system and provides the most direct channel for US dollar liquidity. The proposed "streamlined version" would not offer interest on balances and would be restricted from obtaining loans through the discount window, among other limitations. The related public comment period ended last Friday, revealing a divide between crypto industry participants and community banks over whether to allow non-traditional financial firms partial access to US payment systems. Waller noted, "We must address these issues properly, but if progress goes smoothly, I hope to complete this work by the end of the year as much as possible."