Federal Reserve Board governor Michelle Bowman expressed her views on financial innovation during a speech at Harvard Law School. She discussed topics such as central bank digital currency (CBDC), stablecoin, and the use of technology to improve existing systems. Bowman emphasized the importance of the U.S. intermediated banking model in protecting consumer financial activities from government overreach. She raised concerns about the potential disintermediation of banks if CBDCs are not properly designed. Bowman also questioned the superiority of CBDCs over alternatives such as the FedNow service. She called for a regulatory framework for financial innovation, highlighting the need for consistent regulation based on the same risks. Bowman acknowledged that some frictions in the payment system are intentional and stem from existing policies and laws. She emphasized the Federal Reserve’s openness to exploring various options to enhance the payments landscape, including research on CBDCs.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Michelle Bowman |
| Companies | Anti-Money Laundering, Congress, Federal Reserve, Federal Reserve Board, U.S. intermediated banking model, Harvard Law School, FedNow |
| Currencies | None |
| Securities | None |
