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

- Link: https://www.widthness.com/only-the-elites-have-the-ability-to-have-bank-accounts-all-over-the-world-small-businesses-battle-fed-for-master-account-access/
- Published: 2023-08-23T09:45:55-05:00
- Author: Curated by John Wysocki

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