Fed Governor Brainard Offers an Update on Digital Currencies

It is a pleasure to participate in San Francisco’s Innovation Office Hours. The Federal Reserve Bank of San Francisco is a leader of our engagement with the tech community. And the Federal Reserve’s Innovation Office Hours serve as an important forum to engage on innovation in the financial system with financial institutions, fintechs, technology companies, nonprofits, and other stakeholders. We have benefited from learning about the work you are doing to promote healthy innovation in financial services and payments. This event covered a number of important topics, including regulatory technology, blockchain, cybersecurity, and digital banking. The breadth of topics and … Read more

Fed Governor Discusses Why Climate Change Matters for Monetary Policy and Financial Stability

I want to thank my colleagues at the Federal Reserve Bank of San Francisco, especially Mary Daly, Galina Hale, Òscar Jordà, and Glenn Rudebusch, for organizing this research conference.1 The presentations today provide important insights into the many important ways climate-related risks may affect our financial system and broader economy.2

Similar to many areas around the country, we need not look far from here to see the potentially devastating effects of our changing climate. Less than a hundred miles from here, families have lost their homes and businesses, and entire communities have been devastated by the Kincade fire.

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Fed Governor Brainard Discusses Why Opportunity and Inclusion Matter to U.S. Economy

I want to thank Neel Kashkari for launching the Opportunity and Inclusive Growth Institute and for inviting me to join the deliberations of this distinguished group today [May 22]. This new Institute is another great example of how individual Reserve Banks are taking the initiative in illuminating key dimensions of our work and shaping the agenda of the Federal Reserve System.1

While it has long been understood that opportunity is central to the strength of America’s social fabric, it is now increasingly clear that opportunity and inclusion are central to the strength of America’s economy. I will touch on … Read more

Fed Governor Brainard Discusses Where Banks Fit in the Fintech Stack

We can learn a lot from the evolution of smartphones as we try to envisage where the fintech ecosystem–and banks’ role within it–might be heading in the future. Smartphones have ushered in an age when different companies can easily work with each other’s products to seamlessly provide services to consumers. Today I want to reflect on what we might learn from that model about the increasingly interconnected world of financial services.

On the 10th anniversary of the iPhone, a Wired.com article revealed that even Steve Jobs hadn’t predicted the smartphone’s potential as a platform.1 Apple was just trying to … Read more