Fed Shouldn't Be Competing With the Banks It Regulates

Usually when folks in Washington talk about the Federal Reserve, the focus is on interest rates, the risk of inflation, and the state of the American economy. The Fed plays an important role in the U.S. economy and as a key regulator of financial markets, but no one thinks about the Fed when talk turns to innovation or financial technology.

Until now. And not in a positive way. But first, a little background.