Liang Emphasizes Fed CBDC Views vs. Treasury Report
In remarks last night, Treasury Under-Secretary Liang took a decidedly more cautious stand on CBDC than Treasury’s recent report, emphasizing its caveats rather than over-arching conclusions. Differing from the report (see Client Report CBDC14), she reiterated Fed concerns that CBDC might undermine financial intermediation even as the report argues that it might well not do so if nonbanks were given access to it and to instant payments.
Senate Democrats Lambast More Big Banks
Ahead of their hearing with big-bank CEOs tomorrow, Senate Banking Democrats today released additional “snapshots” similar to those published earlier this week, this time highlighting Wells Fargo and JP Morgan Chase. These “megabank” snapshots follow the same format as those for the large regional banks, providing a list of headlines highlighting not only alleged instances of consumer discrimination and abuse, but also Wells Fargo’s fake accounts scandal and JP Morgan’s oil lending practices.