Federal Reserve Vice Chair for Supervision Michelle Bowman spoke on regulatory modernization at the Federal Reserve Bank of St. Louis on Oct. 6, calling for supervisory frameworks to keep up with a fast-changing financial system. In her remarks, Bowman said regulators need to respond to emerging risks and innovation, including those tied to digital assets. She also said oversight should strike a balance between protecting financial stability, safeguarding consumers, and allowing innovation to develop. Bowman specifically pointed to the importance of effective regulation for cryptocurrencies and financial technology so they can be integrated into the financial system in a safe and sound way. The remarks were referenced by Techub News, citing the Federal Reserve.
Federal Reserve Vice Chair for Supervision Michelle Bowman delivered remarks on regulatory modernization at the Federal Reserve Bank of St. Louis on Oct. 6, according to Techub News.
Frameworks need to keep up
Bowman said supervisory and regulatory frameworks need to evolve alongside a rapidly changing financial environment. She said that shift is needed to address emerging risks and innovation, including those related to digital assets.
Focus on crypto and fintech oversight
She also said regulators need to balance financial stability, consumer protection, and innovation. Bowman specifically highlighted the importance of effective oversight for cryptocurrencies and financial technology to make sure they are integrated into the financial system in a safe and sound manner.
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