The Evolution of Payment Systems

Michael Barr is a busy man these days. As the Federal Reserve's vice-chair for supervision, he's looking at ways of making the financial system safer through the next-generation of US banking regulation, known as the Basel "endgame" proposal. In July, he also unveiled the central bank's new real-time payment settlement system for banks, called FedNow, after years of development. Of course, all of this is happening at an interesting time for banking. This year saw the collapse of three banks following deposit runs. There have been big losses on bond portfolios as interest rates rise, a cyberattack that briefly unsettled the US Treasury market, and there's still a lot of general uncertainty over the direction of the US economy. In this episode, which was recorded live onstage at The Clearing House annual conference in New York, we speak to Barr about how he's thinking about the payments space, big changes to bank regulation, and the macro outlook.

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