Randal K Quarles: Parachute pants and central bank money Speech by Mr Randal K Quarles, Vice Chair for Supervision of the Board of Governors of the Federal Reserve System, at the 113th Annual Utah Bankers Association Convention, Sun Valley, Idaho, 28 June 2021. * * * I have been reflecting recently, and in connection with this speech, on America’s centuries-long enthusiasm for novelty.
In the main, it has served us and the world well, by making America the home of so many of the scientific and practical innovations that have transformed life in the 21st century from that of the 19th.