It is prudent for the Board to understand the evolving payment landscape, the technological advancements and consumer demands driving this evolution, and the consequent policy choices as it seeks to fulfill its congressionallymandated role to promote a safe, efficient, and inclusive system for U.S. dollar transactions.
19 To prepare for the financial system of the future, the Federal Reserve is engaging in research and experimentation with these new technologies and consulting closely with public and private sector partners. Federal Reserve Bank of New York, “New York Fed Launches the New York Innovation Center to Support Financial Technology Innovation in Central Banking,” press release, November 29, 2021, https://www.newyorkfed.org/newsevents/news/aboutthefed/2021/20211129.