[inaudible conversations] we are on a tight time schedule. Today the conversation is on fire. [inaudible] a decade of governor waller. Prior to his confirmation appointment as the Federal Reserve board governor he was executive Vice President of the st. Louis reserve and a partner that the distinguished economic professor at u. Of Notre Dame University of kentucky and university of indiana. With an extensive and to lesters academic pedigree with experience within the st. Louis Federal Reserve he has taken that view to washington and has come up with some strong views in washington and i want to start with the comment you made in a speech entitled cdbc a solution in search of a problem. In that speech he said quote theres no reason to think the Federal Reserve can develop Cheaper Technology than private firms. End quote. I opened state america are the runs on the cdbc commercial Digital Currency. Do you see a benefit to society that swapping out the first commercial to central . I gave
The Financial System that we deserve to have for everyone. We need to do a lot better and bring all of the rains together to get better. What she said. Soul. [applause] thank you so much for great panel. We are taking a break. Cause [inaudible conversations] we are on a tight time schedule. Today the conversation is on fire. [inaudible] a decade of governor waller. Prior to his confirmation appointment as the Federal Reserve board governor he was executive Vice President of the st. Louis reserve and a partner that the distinguished economic professor at u. Of Notre Dame University of kentucky and university of indiana. With an extensive and to lesters academic pedigree with experience within the st. Louis Federal Reserve he has taken that view to washington and has come up with some strong views in washington and i want to start with the comment you made in a speech entitled cdbc a solution in search of a problem. In that speech he said quote theres no reason to think the Federal Reser
A what happens then . Who is listening to them . I have an acronym for a name. The island nations, there are quite a few of them. Lobby every year and have gotten upset of people to listen to them at the United Nations anymore. Theyre going to pose not only basic justice problems but also a huge immigration problem. Whos going to take them . Where are they going to go . Do we care . Should we . That too many politicians i dont think theyre going to raise this issue. Its not local. Its not really national and its not something people really want to hear, but among those were out there that this man is by going to raise while he is here. Thats a long laundry list but they are correct. In covering his visit, theres so much to do for reporters and publications. This pope seems becoming the entire waterfront of issues, dovetails of whats going on capitol hill and whats going on on the president ial campaign trail. Like all good politicians, popes are polled, and this pope comes to the Unite
The issue that we have as we shift away from technology there is no question from our point of view it is a more secure technology. Is his successor schip and bin . No. Not in our view because of the way you authenticates our cardholder. But that said it is a significant improvement in cars security verses traditional strike only but shipping and can chip and pin for attacks when somebody loses a card but in the chip and pin world that is practically impossible although we did jesse an article talkedabout new streaming technology coming out of mexico that may make chip and pin cards more vulnerable than men previously suspected. But that said i dont think there is any question were moving emv there are millions of these cards provided to consumers. This is something they will get used to having in their wallets but it is not the Silver Bullet against fraud. We have seen in other countries such as the u. K. When they made the shift from the of Magnetic Stripe much of the fraud associate
Would begin accepting chip and transactions. That they would actively, and grow so the issue such cards moving forward. Layers ofut a multi our system and how retail transaction at all those layers can be more secure coming forward. Local inis in other states and entities, we put out a guidebook of sorts, tot part this is, to guide state and local entities so they can work more aggressively and actively to do what other states are doing and issue chip and pin protected cards. I encourage you to go to gsas website and see how they suggest to follow suit and address transactions more securely. Stakeholder, i will do in my closing. I will close by saying, i think we are at a strategic point. We are positioned for success moving forward with all of the people in the room, and the panel, and the private sector, various Government Agencies and other entities in the past year. But there is a lot of work that needs to be done. Nothing is a Silver Bullet. Puzzled. Pieces of the the last thing i