The Fed and the Treasury Plan for a Debt Default

Fed’s Plosser: “We are developing processes and procedures by which the Treasury communicates to us what we are going to do,” Plosser said, adding that the task was manageable. “How the Fed is going to go about clearing government checks. Which ones are going to be good? Which ones are not going to be good?”

“There are a lot of people working on what we would do and how we would do it,” he said.

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