I won’t steal Niel’s thunder for that presentation, but I do want to address one of the things that I think has changed the most over the Federal Reserve’s history, and that is our communication with the public. A hundred years ago, Congress created a system that was designed specifically so that the residents of Main Street would have a voice in monetary policy.
By using a shared data pool across all entities concerned, it should be possible to standardise and simplify some of the overly complicated transaction monitoring processes we have today.