Wall Street Says a Fed Digital Dollar Spells Destruction for Banks

The Fed board has been weighing the logic of introducing a digital dollar, though officials have been careful to remain neutral and suggest that any plan should have the backing of Congress and the administration. That’s the line, too, that Michael Barr – President Joe Biden’s pick to be the next Fed vice chairman for supervision – echoed at his confirmation hearing last week. However, several new Fed board members were sworn in on Monday, marking an official transition to the era of Biden appointees.