Jerome Powell actually said...

Where there is same activity, there really ought to be same regulation.

We are following it very, very closely, and I think you have put your finger on it, this is a problem more for smaller banks.

the United States' Federal budget is on an unsustainable path, which means that the debt is growing faster than the economy.

It is absolutely the case that Congress will need to authorize the Federal Reserve to issue a CBDC.