The Senate Banking Committee and the House Financial Services Committee heard testimony on economic and regulatory developments from FRB Vice Chair for Supervision Michael S. Barr, FDIC Acting Chair Martin Gruenberg, Acting Comptroller Michael J. Hsu and NCUA Chair Todd M. Harper.
The Federal Reserve Bank of New York initiated a 12-week proof-of-concept project to explore the feasibility of a U.S. Central Bank Digital Currency based on distributed ledger technology.
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.
Federal Reserve Board Governor Michelle W. Bowman outlined her perspective on supervision and regulation of the banking industry and highlighted the costs of over-regulation.
Recently sworn in Federal Reserve Board Vice Chair for Supervision Michael S. Barr highlighted the need to "build" and not just "maintain" safe and fair financial markets.