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What if every American had the same Federal Reserve perks as banks?


In the aftermath of Silicon Valley Bank's failure earlier this month, the Federal Reserve announced it was further increasing its support for commercial banks, creating a plan that effectively backstopped all deposits, insured and uninsured, across the U.S. financial system. Banks with accounts with the Fed enjoy a number of perks like higher interest rates and instant transfers not available to average Americans and businesses, but one proposal could change that by creating a “public banking option,” potentially helping millions of people.

In 2020, Sen. Sherrod Brown, D-Ohio, introduced a bill to create “FedAccounts” as part of the response to the COVID-19 pandemic. It didn’t go anywhere at the time, but under Brown’s proposal, anyone who opened up the account would receive a debit card, online account access, automatic bill-pay and mobile banking, as well as access to ATMs at post offices.


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