On July 17, 2019, members of the U.S. House Committee on Financial Services considered testimony on the potential impact of Facebook's proposed cryptocurrency on consumers, investors and the global financial system.
In its Annual Economic Report, dated June 23, 2019, the Bank for International Settlements urged regulators to implement policies and regulations that address the emergence of "big tech" in financial markets.
The Federal Reserve Board solicited feedback on whether to amend regulations on reserve requirements to lower the rate of interest paid on excessive balances maintained at FRB banks by eligible institutions.
Board of Governors of the Federal Reserve System member Lael Brainard discussed the importance of facilitating FinTech innovation while also allowing consumers to maintain control over their financial data.
Commentary by Jeff Robins
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