Federal Reserve Board Chair Jerome H. Powell swore in FRB Governor Philip N. Jefferson as Vice Chair, and FRB Governor Lisa D. Cook and Dr. Adriana D. Kugler as Board members.
In a working paper, Federal Reserve Board staff considered the potential benefits and financial stability implications of "tokenizations."
Federal Reserve Board Vice Chair for Supervision Michael S. Barr touted the "wave of innovation in the payments system" and argued the need for legislative and regulatory action on stablecoins "before significant risks emerge."
The Federal Reserve Board and the FDIC proposed guidance for certain domestic and foreign institutions to clarify expectations on the development of orderly resolution plans under the U.S. Bankruptcy Code.
The OCC, the Federal Reserve Board and the FDIC proposed long-term debt requirements for large banking entities, holding companies, foreign banking organizations and large insured depository institutions to facilitate resolvability in the event of failure and to reduce the risk of contagion within the financial system.