Whilst you were quarantining and attending to the vicissitudes of life, the banking world was undergoing some incredible changes to its regulatory environment.
Last Thursday, the Federal Reserve, the Office of the Comptroller of the Currency and Federal Deposit Insurance Corp (and the US Securities and Exchange Commission in a tangential manner) agreed to changes to the Volcker Rule (part of the 2010 Dodd-Frank Act which laid down the law for banks and undue risk).
Believe it or not, the Federales are going to allow banks, commercial banks, to invest their own funds (meaning that balance in your checking account you never touch) in venture capital partnerships.
Yep, old Wells Fargo can send some money to your favorite venture fund and get into the highest risk business imaginable.
“But, there’s more!” — imagine your best Billy Mays OxiClean pitch voice saying those words.