Payment systems if they could access these systems directly. This article discusses this growing demand from non-banks for direct access to U.S. resolution systems, with a focus on the Federal Reserve`s master accounts, and assesses key considerations that influence possible reactions from U.S. policymakers and the banking industry. A set of responses contains options for extending permission for master accounts. Each of these options would require the creation of new regulatory mechanisms at the federal level to address political concerns about the integrity of the payment system. While these parallel mechanisms are feasible, they risk unnecessary duplication, unequal competition and both under- and over-regulation. However, other responses would focus on the underlying drivers of demand for direct access by non-banks, in particular limiting the availability of US charterers and banking licenses. . . .