Kai Risdahl

Why does the government want more companies to be involved in banking?

Well, now you've got to give me the unofficial story.

I mean, what's your sense?

Setting aside the president's motivations, what's in it for all of these companies, the crypto companies, the fintechs?

There must be a business advantage to having a federal banking charter.

We should be clear here.

These are not going to be banks like we know banks to be in the vernacular, right?

I'm not going to be able to walk down to the corner of a local office and cash a check and get a safe deposit box or whatever, right?

So give me a for instance here, would you?

You mentioned this company called Upstart Holdings in your piece.

Tell me about them.

And then obviously they get to make more money, right?

I mean, I hate to be base about it, but that's kind of what's going on.

Yeah.

If I am a regular consumer in this economy and I see what the White House wants to do and I see other kinds of companies get into banking, what's my concern level here?

As always, consult your own financial advisor on this one.

Stacey Cowley at the New York Times.

Stacey, thanks a lot.

I appreciate your time.

Today being a day that ends in Y, there is news of tariffs to share.