Wall Street Says Fed Digital Dollar Will Destroy Banks

The Fed is weighing the logic of introducing a digital dollar, but officials have been cautioned to remain neutral and have suggested that all initiatives be supported by Congress and the executive branch. The same goes for Michael Barr, who was nominated by President Joe Biden as the next Fed Vice Chairman at a confirmation hearing last week. But Monday marked the official transition to the Biden nominee era, with several new Fed directors taking office.

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