Federal Reserve Board Vice Chair for Supervision Michael S. Barr reviewed developments in payment system innovation and emphasized the importance of "carefully weigh[ing]" the benefits and risks of the new technologies as to stablecoins and central bank digital currencies.
News & Insights
Federal Reserve Board Governor Michelle W. Bowman questioned whether the potential benefits of a U.S. central bank digital currency are worth the significant risks and tradeoffs for the financial system.
Federal Reserve Board Governor Michelle W. Bowman summarized her views on monetary policy, cryptocurrencies, payment systems, climate-related risk and updating the Community Reinvestment Act.
Federal Reserve Board Governor Christopher J. Waller explained why the U.S. dollar is the dominant currency for cross-border financial transactions and said that such dominance would not be impacted if the United States issues a U.S. government-issued central bank digital currency.
In testimony before the House Committee on Financial Services, Federal Reserve Board Vice Chair Lael Brainard considered the potential use and creation of a central bank digital currency.