Banking from the Bank Treasurer's Perspective
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Bank treasurers may not like accounting, but they know that debits and credits always matter in a financial transaction. That is why it does not take a GENIUS Act to appreciate the economic opportunities Congress gave the financial industry this month. Instead, it requires accounting and an understanding of how debits and credits work in its favor. Basic accounting common sense also helps explain why the Fed can never return to the balance sheet it once had before the GFC and can never revert to the days when the law prohibited it from paying IORB, despite political calls to the contrary.