Private Money And Central Bank Money As Payments Go Digital: An Update On CBDCs, Federal Reserve Governor Lael Brainard At The Consensus By Coindesk 2021 Conference, Washington, D.C. (Via Webcast) Date
24/05/2021
Technology is driving dramatic change in the U.S. payments system, which is a vital infrastructure that touches everyone.1 The pandemic accelerated the migration to contactless transactions and highlighted the importance of access to safe, timely, and low-cost payments for all. With technology platforms introducing digital private money into the U.S. payments system, and foreign authorities exploring the potential for central bank digital currencies (CBDCs) in cross-border payments, the Federal Reserve is stepping up its research and public engagement on CBDCs. As Chair Powell discussed last week, an important early step on public engagement is a plan to publish a discussion paper this summer to lay out the Federal Reserve Board s current thinking on digital payment
Source: US State of New York Federal Reserve
Technology is driving dramatic change in the U.S. payments system, which is a vital infrastructure that touches everyone.1 The pandemic accelerated the migration to contactless transactions and highlighted the importance of access to safe, timely, and low-cost payments for all. With technology platforms introducing digital private money into the U.S. payments system, and foreign authorities exploring the potential for central bank digital currencies (CBDCs) in cross-border payments, the Federal Reserve is stepping up its research and public engagement on CBDCs. As Chair Powell discussed last week, an important early step on public engagement is a plan to publish a discussion paper this summer to lay out the Federal Reserve Board’s current thinking on digital payments, with a particular focus on the benefits and risks associated with CBDC in the U.S. context.2
(This story was updated on May 5, 2021, to correct John Treat s title and the course he teaches.)
On June 5, 1934, key members of Adolf Hitler s administration gathered in the German capital of Berlin to begin discussing what would eventually become the Nuremberg Laws two laws implemented the following year to suppress first Nazi Germany s Jewish, and soon also its Romani and Black, populations. One of them, the Law for the Protection of German Blood and German Honor, forbade among other things marriage and extramarital intercourse between German citizens and Jews.
At the meeting, several Nazi bureaucrats cited the work of a young lawyer named Heinrich Krieger, newly returned from his year studying abroad in the United States at the University of Arkansas School of Law in Fayetteville. There, he researched how laws across the U.S. segregated and disenfranchised Native Americans, African Americans, and other non-white groups a legal model the Nazis looked to as a way to contro
Workplace Prof Blog
Forgive me for a bit of self-promotion, but I wanted to flag an amicus brief that a group affiliated with UNC Law filed with the Supreme Court supporting a petition for cert. by the Plaintiff in Torres v. Texas Department of Public Safety. The question centers on war powers abrogation, specifically whether state employers retain sovereign immunity in the face of congressional war powers legislation. In Torres, that legislation is USERRA, which prohibits employment discrimination based on military service and provides leave and other benefits for servicemembers called to active duty or attending training for, e.g., National Guard. Given the huge number of active and reserve servicemembers, this is an important statute even in normal times. But it s especially so now in a year that saw the greatest mobilization of National Guard troops since Wold War II.