Could Bankers Cut in Line for the COVID Vaccine?
3 min readThe American Bankers Association (ABA) has requested that a slice of initial COVID-19 vaccines go to bank workers. Could crypto protect those workers instead?
The definition of essential
The United States currently has nearly 15 million confirmed coronavirus cases. Federal and state governments are promising that frontline healthcare workers and vulnerable patients in long term care, will receive promised vaccines as soon as officials give approvals. The New York Times created a tool to estimate how soon you may be eligible for a vaccine.
But one organization is seeking more. The American Bankers Association (ABA) asked the CDC to put bankers at the start of the line for the vaccine. The ABA argued that tellers and other bank employees are essential and come into contact with the public.
The organization asked to put its workers in Phase 1b, just after frontline healthcare workers. The government reserves this category for “essential workers”, which has no exact definition. In the past, bankers have often not been included.
A US Department of Homeland Security document did say that financial services jobs that come into contact with the public (such as ATM maintenance) could be considered essential.
On the other hand, even the US congress has admitted that crypto could alleviate the burden of in-person banking. In a recent press release, Congresswoman Tlaib praised new technology like cryptocurrency as the pandemic has, “exposed numerous barriers to accessing and utilizing mainstream financial institutions.”
Cutting in line for the vaccine
Despite the danger to bank tellers, some are calling the early vaccination of bank workers an insult. People aged 65 and older as well as adults with high-risk medical issues come after bankers under the ABA’s proposal.
WALL STREET BANKERS ARE NOT MORE “ESSENTIAL” THAN TEACHERS & 1ST RESPONDERS—American Bankers Association is petitioning to designate Wall St finance workers as essential workers so they can get #COVID19 vaccines before most Americans. Cant make this up! https://t.co/lUyaWnjheh
— Eric Feigl-Ding (@DrEricDing) December 4, 2020
WALL STREET BANKERS ARE NOT MORE “ESSENTIAL” THAN TEACHERS & 1ST RESPONDERS—American Bankers Association is petitioning to designate Wall St finance workers as essential workers so they can get At first, the proposal caused an uproar. It suggests that Wall St workers should have preference over most of the US population. Former Harvard epidemiologist Dr. Eric Ding complained that the proposal could put bankers ahead of teachers.
Despite this, the ABA later clarified their position to not include Wall Street.
Banks may need to open for business. However, the dependence on physical bank locations is falling. Up to 92% of money is now digital, anyway.
What’s more, people make money transfers and loans without a bank through decentralized finance. Getting a car loan is always socially distanced when putting up Bitcoin as collateral.
The final word on vaccine distribution
In the end, the distribution of vaccines will be up to individual states. What the DHS tags as essential workers is only a guideline, though many believe it will be followed.
There is no official approval for COVID vaccines in the US yet. However, the UK announced they will roll out the vaccine this upcoming week.
While the COVID-19 pandemic rages on, who will be the first to get vaccines is a major issue in the States.
Already, 5% of the US population has been infected. Avoiding it is difficult, and will continue to be so. In fact, the CDC forecasts 19,500 new deaths the week of Dec 26, 2020. Crypto technology might be a safe way to protect workers without breaking the bank.
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