Jerome Powell

The Federal Reserve and other central banks have adopted broad public policy objectives to guide the development and oversight of the payments system. At the Fed, we have identified efficiency and safety as our most fundamental objectives, as set forth in our Policy on Payment System Risk.

We need a system that provides mortgage credit in good times and bad to a broad range of creditworthy borrowers.

With customers' permission, fintech firms have increasingly turned to data aggregators to 'screen scrape' information from financial accounts. In such cases, data aggregators collect and store online banking logins and passwords provided by the bank's customers and use them to log directly into the customer's banking account.

The question of how to structure our nation's financial system arose in the early years of the republic.

The Federal Reserve is not charged with designing or evaluating proposals for housing finance reform. But we are responsible for regulating and supervising banking institutions to ensure their safety and soundness, and more broadly for the stability of the financial system.

Mobile devices, high-speed data communication, and online commerce are creating expectations that convenient, secure, real-time payment and banking capabilities should be available whenever and wherever they are needed.

Over time, low rates can put pressure on the business models of financial institutions.

As long as global financial conditions normalize in an orderly fashion, EMEs should have sufficient time to adjust.

If the public understands the central bank's views on the economy and monetary policy, then households and businesses will take those views into account in making their spending and investment plans; policy will be more effective as a result.

Our discussions of the economy may sometimes ring in the ears of the public with more certainty than is appropriate.

One factor that favors easier adjustment in EMEs is that U.S. monetary policy normalization has been and should continue to be gradual, as long as the U.S. economy evolves roughly as expected.

The Congress has tasked the Federal Reserve with achieving stable prices and maximum employment - the dual mandate.