The catch is Google GOOG, -1.06% GOOGL, -1.03% will need to get the green light from lawmakers on Capitol Hill to launch a personal checking account service.
Still, Jackson Mueller, associate director at the Milken Institute financial markets divisions couldn’t even wrap his head around why Google would attempt to move forward with the personal checking account plan “at a time when there is so much political pressure on big tech.” Google must have a sense they can succeed or they wouldn’t subject themselves to regulatory scrutiny, he said.
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