Connecting speakers across time zones and locations to discuss the future of cash via webcam – I believe that, in the eyes of some observers, this already reflects the “new normal” in a postCOVID world. That said, I am sure many of us also have a sense that something is lacking today.
But even in these few cases, which occurred under emergency conditions, we have taken steps to protect the Federal Reserve from credit losses and have asked the Treasury to take these loans off our balance sheet.