Travis Hill is the Vice Chairman of the FDIC Board of Directors, and he joins David on Macro Musings to talk about discount window and bank liquidity, receivership funding, and the tokenization of financial assets. Specifically, David and Travis also discuss the push for pre-positioning at the discount window, how the FDIC funds receiverships, the impact of tokenization on the future of banking, and much more.   Transcript for this week’s episode.   Travis’s FDIC profile   David Beckworth’s Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   Check out our new AI chatbot: the Macro Musebot! Join the new Macro Musings Discord server!   Join the Macro Musings mailing list! Check out our Macro Musings merch!   Related Links:   *Reflections on Bank Regulatory and Resolution Issues* – Remarks by Vice Chairman Travis Hill at the American Enterprise Institute   *Banking’s Next Chapter? Remarks on Tokenization and Other Issues* – Remarks by Vice Chairman Travis Hill at the Mercatus Center   Timestamps:   (00:00:00) – Intro   (00:02:36) – The Unique Role of the FDIC and the Vice Chair   (00:10:58) – The Push for Pre-Positioning at the Discount Window   (00:20:19) – Addressing the Current Issues Relating to the Discount Window   (00:28:44) – How Does the FDIC Fund Receiverships?   (00:35:41) – Breaking Down the Federal Financing Bank   (00:40:10) – Discount Window Stigma and Uncollateralized Fed Funding   (00:45:44) – Tokenization and Its Impact on the Future of Banking and Cross-Border Payments   (00:54:40) – Outro