We continue our deep dive into a provocative, radical blueprint for democratizing finance and taking control of the economy. We detail Omarova’s detailed proposal for turning the Federal Reserve into the People’s Ledger. On the liabilities side, we discuss the universalization of deposit services (aka FedAccounts) and the elimination of private deposit-taking by commercial banks. On the assets side, we discuss the creation of a National Investment Authority which would allocate capital to socially beneficial, large-scale projects. Together this reformed Fed would drastically reduce the complexity and volatility of the financial system, while democratizing access to financial services, while also distributing the flows of capital to worthwhile investments.

••• The People's Ledger: How to Democratize Money and Finance the Economy | Saule T. Omarova https://scholarship.law.vanderbilt.edu/vlr/vol74/iss5/1/

••• Socialist Investment, Dynamic Planning, and the Politics of Human Need | Aaron Benanav https://www.tandfonline.com/doi/full/10.1080/08935696.2022.2051375

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