Tagged: us federal reserve

As Anticipated, Federal Reserve Raises Interest Rates by 50 Basis Points, Markets Rally

Jerome Powell 2

As was widely anticipated, the Federal Reserve raised its benchmark rate by 50 basis points. Simultaneously, the Fed said it would be significantly reduce its balance sheet as it battles fast-rising inflation. The increase was the largest increase since 2000. In the Federal Open Market… Read More

Congressman Patrick McHenry Issues Statement on Federal Reserve Review of CBDCs

Patrick McHenry 12.8.21

Earlier today the US Federal Reserve announced a discussion paper seeking feedback on the possibility of a digital dollar. Central bank digital currencies, or CBDCs, are being reviewed by central banks around the world as policymakers aim to uncover if digital currency issued by governments… Read More

US Federal Reserve Publishes Consultation on Central Bank Digital Currencies (CBDCs), Looks for Feedback

Digital Dollar Washington

The US Federal Reserve has published a discussion paper on central bank digital currencies or CBDCs. The consultation paper has long been anticipated from the central bank. The discussion paper summarizes the current state of the domestic payments system and discusses the different types of… Read More

Fed Chair Jerome Powell Sees No Problem with Private Stablecoins Existing Alongside CBDCs

Jerome Jay Powell Senate Banking Committee January 2022

Chairman of the Federal Reserve Jerome Powell spent much of yesterday testifying in front of the US Senate Banking Committee as part of his nomination process. It is anticipated that Powell will easily be approved by the Committee as well as the full Senate for… Read More

Office of the Comptroller of the Currency Issues Interpretive Letter on Cryptocurrency and Banks, Joint Statement on Crypto Issued by Fed, OCC and FDIC

Talk Proclaim Declare Announce News Speak Information

The Office of the Comptroller of the Currency (OCC), the leading regulatory overseeing national banks, has issued a letter confirming that national banks and federal savings associations can engage in crypto but must demonstrate adequate controls in place before they can engage in certain cryptocurrency,… Read More

Jerome Powell Re-Nominated as Chair of Federal Reserve

Jerome Powell 7.10.19

Jerome Powell has been renominated by President Joe Biden to continue on as the Chairman of the Federal Reserve. Dr. Lael Brainard was selected to serve as Vice-Chair of the Board of Governors of the Federal Reserve System. In recent days there has been much… Read More

Report: US Federal Reserve to Soon Publish Report, Request Public Feedback, on Central Bank Digital Currency

Digital Dollar Washington

The US Federal Reserve is poised to publish a report on the possibility of a central bank digital currency or CBDC. The concept has been bandied about by central bankers for several years now as policymakers seek to assess the benefits, and potential pitfalls, of… Read More

Boston Federal Reserve Official Calls Tether a Risk, Notes that a Stablecoin Recently Had Financial Difficulties

Find Search Seek Money Magnify Scrutiny Dollar

In a speech delivered last Friday, Boston Federal Reserve President Eric Rosengren pointed a finger at top stablecoin Tether as a looming risk for the economy. Tether, or USDT, is the leading stablecoin in the crypto-ecosystem. Used by traders to move in and out of… Read More

Randal Quarles, Fed Vice Chair, Says Regulators in Sprint for Crypto

Randy Quarles May 2021

Randal Quarles, Vice Chairman of the US Federal Reserve, testified in front of the Senate Banking Committee this week as part of the Semiannual Testimony on the Federal Reserve’s Supervision and Regulation of the Financial System. While much of the discussion swirled around the economy… Read More

Federal Reserve Opens Consultation on Access to the Payments System

Lael Brainard

The US Federal Reserve Board has proposed guidelines to evaluate requests for accounts and payment services at Federal Reserve Banks. In a public statement, the Fed said the introduction of new financial products, such as products introduced by Fintechs including novel types of banking charters,… Read More

OCC, CFPB, FDIC, NCUA and Federal Reserve Join in Request for Information on Artificial Intelligence and Usage in Financial Services

AI Artificial Intelligence

In a joint statement today, five federal financial regulatory agencies announced a consultation pertaining to the usage of artificial intelligence (AI) as well as machine learning (ML) within financial institutions. The agencies seek information from the public on how financial institutions use AI in their… Read More

Federal Reserve Chair Jerome Powell Says Public Events on Digital Dollar Coming

Jerome Powell House Hearing February 2021

Today, Jerome Powell, Chairman of the Federal Reserve, returned to Capitol Hill for a hearing on the House side pertaining to Monetary Policy and the State of the Economy. Once again, much of the discussion hovered around COVID, monetary policy and his opinion on the… Read More

Sunayna Tuteja, the Former TD Ameritrade Head of Digital Assets, Hired by US Fed as Chief Innovation Officer

Federal Reserve Bank Washington DC

Sunayna Tuteja, the former Managing Director, Head of Digital Assets & DLT (Blockchain, Crypto) at TD Ameritrade, has now been hired by the US Federal Reserve System as its Chief Innovation Officer. Tuteja has been a vocal supporter of Bitcoin. She claims to have gotten… Read More

Fed Chair Jerome Powell Says Digital Dollar is a High Priority Project

Jerome Powell February 2021

During testimony provided at the US Senate Banking Committee hearing today, Federal Reserve Chairman Jerome Powell commented on the possibility of launching a “digital dollar” calling it a high-priority project for them. Powell was testifying in front of the Senate Banking Committee as part of… Read More

More Than 110 Organizations Will Participate in the FedNow Pilot Program

Money Dollars Benjamin 2

The US Federal Reserve has announced that more than 110 organizations will participate in the FedNow Pilot Program. FedNow is a payments initiative to speed up payments and transfers. A consultation with a variety of stakeholders took place in 2018 with the concept of FedNow… Read More

US Federal Reserve, FinCEN Look for Comments on Travel Rule Proposal

Bond and Mortgage Ledger Documents Records

The Financial Crimes Enforcement Network (FinCEN) and the US Federal Reserve Board has invited comment on a proposed rule that would amend the recordkeeping and travel rule regulations under the Bank Secrecy Act. The travel rule is affiliated with the Financial Action Task Force’s (FATF)… Read More

Jerome Powell on Central Bank Digital Currency: We are committed to considering a CBDC and its benefits

Jerome Powell on IMF Panel on CBDCs

Jerome Powell, Chairman of the Board of Governors of the US Federal Reserve, participated in a virtual panel today hosted by the International Monetary Fund (IMF) on the topic of Central Bank Digital Currency (CBDCs). Powell said the Fed is committed to considering a CBDC… Read More

US Federal Reserve Is Focused on Launching FedNow for Real-Time Digital Payments and Settlements

Lael Brainard

The US Federal Reserve, which is the central banking system of the country, has reportedly been working on a new real-time payment and settlement system, called FedNow. Governor Lael Brainard claims that the Fed plans to have FedNow fully operational as soon as possible. Brainard… Read More

US Federal Reserve Confirms it has No Concrete Plans to Launch Digital Currency, but Might be Ready when it’s Necessary

George Washington Boston Massachusetts

The US Federal Reserve has confirmed on multiple occasions that it has no immediate or concrete plans to introduce its own digital currency. However, Robert Bench, the Assistant VP working in the secure payments group at the Federal Reserve Bank of Boston, said that the… Read More

US Federal Reserve Commits to Keep Interest Rates Near Zero as Economy Stumbles

Jerome Powell 2

  The US Federal Reserve issued a statement today indicating its intent to leverage all of its tools to help prop up the COVID-19 infected economy. The Fed said it is “committed to using its full range of tools to support the U.S. economy in… Read More

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