The safe and efficient operation of payment, settlement, and clearing systems is critical to the execution of monetary policy and the flow of liquidity throughout the financial sector, which is why many central banks around the world currently have explicit oversight responsibilities for critical systems.
Importantly, the proposed enhancements to our responsibilities for the safety and soundness of systemically important arrangements would complement – and not displace – the authority of the SEC and CFTC for the systems subject to their supervision under the federal securities and commodities laws. We have an extensive history of working cooperatively with these agencies, as well as international authorities.