The Fed’s lender of last resort authority manifests itself – usually only sparingly – in the operation of the discount window, lending against good collateral at a penalty rate. In times of more significant economic and financial distress, the pace of monetary accommodation often increases.
Today, we discussed two topics on the theme of “Our Future in the Digital Age.” The first session explored potential benefits and risks arising from financial and technological innovation. As a key to achieving a better society, speakers highlighted the importance of leveraging emerging digital technology in financial services.