US EditionGov. Waller: U.S. Fed to 'Embrace Disruption,' Pitches 'Skinny' Master Account Idea
Federal Reserve Governor Christopher Waller announced plans to explore 'skinny' master accounts that could broaden direct access to Fed payment rails for new payment entrants.
- On Tuesday at the Fed's Payments Innovation Conference in Washington, Federal Reserve Governor Christopher Waller said the Fed will study payment innovations and asked staff to explore a `payment account` prototype called a `skinny` master account.
- Waller said the payments landscape has changed markedly in recent years as the Fed seeks to align traditional finance with decentralized finance, stablecoins, tokenization, and artificial intelligence.
- The proposed `skinny` account would provide access to Federal Reserve payment rails for legally eligible institutions, exclude interest and discount-window borrowing, and include balance caps to limit Fed balance sheet impact.
- The new account could let new payment entrants bypass third-party bank relationships, Ripple CEO Brad Garlinghouse criticized Wall Street banks and trade groups' resistance, and Waller said the Fed will gather input and the industry will hear `more about this shortly`.
- Waller, a known crypto ally, has strengthened his profile at the Federal Reserve by reinforcing his influence on payments and is reportedly among President Donald Trump's candidates to replace Fed Chair Jerome Powell next year.
19 Articles
19 Articles
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