See L. Brainard, “The Federal Reserve’s Financial Stability Agenda” (speech at the Hutchins Center on Fiscal and Monetary Policy, Washington, D.C., 3 December 2014); and J. Powell, “Financial Institutions, Financial Markets, and Financial Stability” (speech to Stern School of Business, New York, 18 February 2015).
BIS central bankers’ speeches  5  You won’t be surprised to hear that a recent report by the Federal Reserve described crossborder payments in much the same way. 20 And you’ll be pleased to hear that the Fed and the Bank of Canada are working with the financial industry, including payments associations, to promote efforts within their respective jurisdictions to modernize cross-border payments.