Kansas City Fed Rescinds Master Account for Payments Firm, GOP Senator Says
WASHINGTON—The Federal Reserve Bank of Kansas City revoked the so-called master account of a payments firm that came to prominence earlier this year when Republican senators raised questions over how that account had been granted, according to a letter sent by Sen. Pat Toomey (R., Pa.).
In that letter, obtained by The Wall Street Journal, Mr. Toomey asked for more details about the Kansas City Fed’s decision to terminate the account for the Colorado-based Reserve Trust. The decision to grant that account had faced scrutiny earlier this year after Mr. Toomey and other Republicans questioned Sarah Bloom Raskin, then President’s Biden nominee for a seat on the Fed’s board of governors, over her possible role in helping Reserve Trust to secure the master account when she served on its board.
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