Contingency planning for the Federal Reserve includes payments systems, currency availability and distribution, information processing, the discount window, and the supervision function. We will also play an important role in coordinating with the financial community concerning issues such as systemic risk and cross-border payments. Operational Contingency The Federal Reserve’s plans for operational continuity build on existing contingency plans.
Moreover, the directive envisions that electronic payments will be authorized by two-factor authentication--for example “something you know” and “something you are.” 31 The United States is likely to address these issues in a different way, at least initially, given that regulatory authorities are more broadly distributed, and the relevant statutory language predates these technological developments.