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Federal Reserve Chair Jerome H. Powell outlines Federal Reserve’s response to technological advances driving rapid change
Technological advances are driving rapid change in the global payments landscape. The Federal Reserve is studying these developments and exploring ways that it might refine its role as a core payment services provider and as the issuing authority for U.S. currency.
“As the central bank of the United States, the Federal Reserve is charged with promoting monetary and financial stability and the safety and efficiency of the payment system,” Federal Reserve Board Chair Jerome H. Powell said Thursday in a video message. “In pursuit of these core functions we have been carefully monitoring and adapting to the technological innovations now transforming the world of payments, finance, and banking.”