‘Only the elites have the ability to have bank accounts all over the world’: Small businesses battle Fed for master account access.

Photo caption: A debate is raging in Congress and in the courts over the rules about which U.S. banks will have access to coveted master accounts at the Federal Reserve. Photo credit: Getty Images. Article by Chris Matthews. MarketWatch: Washington Watch – updated August 22, 2023.

A debate heats up over who controls access to Fed’s financial infrastructure

When Lionel Danenberg’s upstart company won preliminary approval for a banking charter from the Idaho Department of Finance in August 2022, he thought his four-year quest to launch an app-based payments bank for small-business commodity producers was about to pay off. […]

Click here to view original web page at www.marketwatch.com