Law change set to make Fed reveal holders of master accounts

New database will make applications from fintechs and crypto firms public

US Federal Reserve
The US Federal Reserve’s Eccles Building
Photo: US Federal Reserve

New legislation will require the US Federal Reserve board to create a database of institutions that hold, or have applied for, access to key Fed facilities known as master accounts.

Republican senator Pat Toomey introduced the requirement in an amendment to the 2023 military budget, which passed the House of Representatives on December 8. The current version of the bill is the result of negotiations between the two houses of Congress and both parties, making it unlikely the bill will fail to

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