Lael Brainard: Testimony at nomination hearing Speech by Ms Lael Brainard, Member of the Board of Governors of the Federal Reserve System, before the US Senate Committee on Banking, Housing, and Urban Affairs, Washington DC, 13 January 2022. * * * Chairman Brown, Ranking Member Toomey, and other members of the Committee, thank you for this opportunity to appear before you.
A number of projects were initiated to realise the envisaged goals of the NPS framework, as documented in the Blue Book. One of the key projects, and the cornerstone of the new payment processing infrastructure, was a project to implement a new RTGS system that would enable settlement between participating banks in central bank money with finality and irrevocability.