Bowman Focuses on Inclusive Cross-Border Payments
FRB Gov. Bowman today emphasized that national and global payment-system improvements must not only work for the financial system and payment providers, but also for end-users and broader inclusive growth. This is a policy challenge that, she said, cannot be resolved only by technology.
Senate Dems Resume Attack on Zelle
Retreating from his stand during a recent hearing that seemed to absolve Zelle (see Client Report PAYMENT28), Senate Banking Chairman Brown, (D-OH) along with Sens. Warren (D-MA) and Reed (D-RI), today sent a letter reiterating calls for Zelle to clarify its reimbursement policy for impostor scams. The letter also demands that Zelle revise its reimbursement policy to cover other scams and to and streamline its reporting process, demanding a new public commitment to doing so.
Waller Sees Impregnable Dollar Dominance
FRB Gov. Waller today mounted a strong defense not only of the dollar as the globe’s reserve currency under current conditions, but also even as digital currencies become more widely deployed. This stand is consistent with those at the FRB opposing proposals in Congress to advance a CBDC on grounds that it is essential to preserve reserve-currency status (see FSM Report CBDC10) and signals no interest in the U.S. central bank to making any other payment-system changes to press sanctions policy with the dollar’s dominance in mind.