The People’s Ledger: How to Democratize Money and Finance the Economy
The COVID-19 crisis underscored the urgency of digitizing sovereign money and ensuring universal access to banking services. It pushed two related ideas—the issuance of central bank digital currency and the provision of retail deposit accounts by central banks—to the forefront of the public policy debate. To date, however, the debate has not produced a coherent vision of how democratizing access to central bank money would—and should—transform and democratize the entire financial system. This lack of a systemic perspective obscures the enormity of the challenge and dilutes our ability to tackle it.
This Article takes up that challenge. It offers a blueprint for a comprehensive restructuring of the central bank balance sheet as the basis for redesigning the core architecture of modern finance.
Link is to an abstract of the 70-page article, which is available as a PDF download:
Omarova is the recently-withdrawn nominee of the Biden Administration to the position of US Comptroller of the Currency, a position with oversight over the banking industry, which strongly resisted the appointment. I'd suggest her proposals deserve all the more attention in that light.
#SauleTOmarova #ComptrollerOfCurrency #Banking #Banks #BankReform #PeoplesLedger
