Yes, banks are the “fiscal agents” the US Treasury; Congress authorizes them (by creating and funding regulatory agencies) to do money creation at the margins, rather than through central spending, but always under the central bank’s supervision (this is why a bank that can’t fund its liabilities will be taken over by a federal agency and have all its accounts transfered to a rival, literally overnight).
This is an important technical gloss (and there are others, relating to forex, T-bill interest, etc) but the article is already complicated enough as an introductory text. Kelton’s book is really good at unpacking these other aspects (which is a thing you can do when you’re writing a book instead of a blog post!).
