Political Quotes

“the Federal Reserve Board of Governors will soon be releasing a discussion paper on a potential U.S. central bank digital currency. Additionally, the President's Working Group on Financial Markets is expected to release a set of recommendations relating to the supervision of stablecoins in the coming weeks. I want to lay out my views on central bank digital currencies and stablecoins in advance of these coming discussions. Financial innovation has the potential to bring new prosperity to the next generation of Americans, reduce systemic risk, and promote inclusion for many who are, unfortunately, at the periphery of our financial system. America's leadership in global financial services is a heritage our country can rightly be proud of, but our country must not become complacent, because this leadership is a privilege, not a right. I am supportive of the Federal Reserve Board's efforts to study how central bank digital currency, or CBDC, may be appropriate in the United States. I want to lay out what I believe are the key tenets of a consumer-focused U.S. central bank digital currency, including factors such as legitimate need, financial inclusion, programmability, privacy, and avoiding systemic risk. My comments are only focused on a consumer- focused central bank digital currency, as an interbank or wholesale central bank digital currency is a different proposition. The first principle is legitimate need.…”