Julie Hill is a professor of law at the University of Alabama's School of Law and she specializes in the study of the regulation of financial institutions. Julie also has a new paper out titled, *Opening a Federal Reserve Account,* and she joins Macro Musings to talk about the history and recent developments surrounding Fed master accounts. David and Julie also discuss the legal basis for these accounts and the numerous case studies surrounding them, including the Narrow Bank, Reserve Trust, Custodia, and more. Transcript for the episode can be found here. Julie's Twitter: @ProfJulieHill Julie's Alabama Law profile David's Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings Click here for the latest Macro Musings episodes sent straight to your inbox! Check out our new Macro Musings merch here! Related Links: *Opening a Federal Reserve Account* by Julie Hill

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“What did the council decide on item 42?” — answered with the speaker and the moment.