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Journal Article
The Last Resort in a Changing Landscape
As lender of last resort, the Federal Reserve plays a vital role in maintaining a sound and stable financial system. But the frequency and scale of Fed interventions following disruptions like the Global Financial Crisis and COVID-19 are concerning. As the country emerges from the pandemic, it’s time to focus on crafting more resilient policies, particularly by addressing Treasury market vulnerabilities and providing greater prudential oversight.
Speech
The Last Resort in a Changing Landscape
Presentation to Money Marketeers of New York University Webinar, New York, New York, by Mary C. Daly, President and CEO, Federal Reserve Bank of San Francisco, Tuesday, April 15, 2021
Discussion Paper
The Future of Payment Infrastructure Could Be Permissionless
Following the recent passage of legislation in the U.S., payment stablecoins seem to be on the brink of wider-scale adoption and explosive growth in market capitalization. In this post, we contend that the driving factor is not their proximity to digital cash instruments, but rather how they are transferred—via global, open-access, peer-to-peer systems, or “permissionless blockchains,” for short.