US must review payments system oversight, Brainard says

Big tech’s currency plans could weaken payments oversight – senior Fed official

Lael Brainard
Lael Brainard: more open to possible advantages of central bank-issued digital currency
Federal Reserve

US policy-makers must review the oversight of retail payments systems, as the Federal Reserve lacks powers available to many other major central banks, Lael Brainard warned in a speech on February 5.

The likely entry of firms such as Facebook into the digital currency market could further weaken the Fed’s ability to regulate payments, the Fed board of governors member said.

Brainard signalled she was now more open to the possible advantages of a central bank-issued digital currency (CBDC) than

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