Federal Reserve Chairman Powell participated in the House Financial Services Committees virtual hearing on economic outlook and monetary policy on the 17th. At the meeting, he said that the Federal Reserve is trying to solve the problem because the U.S. economy has stalled and coin circulation has basically stalled.
In order to alleviate the shortage of coins, the Federal Reserve Bank began to distribute coin stocks strategically to distribute coins equally between banks and credit institutions. The measures include placing an order limit based on the historical order quantity of these coins and the number of coins currently produced by the U.S. Mint.
At the same time, the Fed will coordinate with the U.S. Mint to maximize production and call on savings institutions to book only the number of coins needed to meet short-term demand. As the economy reopens, Powell said, coins are expected to start flowing again.
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