Randal Quarles News

The sandbox programme will begin in October, with an inaugural cohort of participants focused on cross-border payments. Further cohorts will follow, each of which will carry out an education phase followed by a pilot phase.The project is designed to provide the federal government, policymakers, and private sector organisations with a stronger, clearer picture of what implementing a CBDC in the US would look like, and to answer questions of what a roll-out might entail across retail, wholesale, and international use cases.Jennifer Lassiter, executive director, Digital Dollar Project, says: "The Digital Dollar Project is excited to bring a broad array of industries and technical experts together to define desired outcomes and explore a wide range of technical design choices in relation to a US CBDC."In January, the Federal Reserve published its long-anticipated discussion paper on the risks and benefits of a digital dollar and invited public comment - but studiously avoided giving any hints on its plans.Fed chair Jerome Powell has remained noncommittal on the chances of a digital dollar, but others at the central bank have been less circumspect.Supervision chief Randal Quarles has suggested that CBDCs could be an embarrassing fad, comparable to the parachute pants made famous in the 1980s by rapper MC Hammer.

Bitcoin rose today, but it decreased steadily. Today’s values are only marginally better than the all-time low hit on Wednesday, when bitcoin dropped by as much as 4.5%. Ethereum also fell with a value lower than yesterday’s high; this decline has been caused by inflationary concerns and uncertainty in China's cryptocurrency market. 

The Federal Reserve’s new regulatory chief said 7 September that the central bank is considering how to more-closely scrutinise bank mergers and may beef up the way it requires certain banks to plan for their own demise.

The sandbox programme will begin in October, with an inaugural cohort of participants focused on cross-border payments. Further cohorts will follow, each of which will carry out an education phase followed by a pilot phase.The project is designed to provide the federal government, policymakers, and private sector organisations with a stronger, clearer picture of what implementing a CBDC in the US would look like, and to answer questions of what a roll-out might entail across retail, wholesale, and international use cases.Jennifer Lassiter, executive director, Digital Dollar Project, says: "The Digital Dollar Project is excited to bring a broad array of industries and technical experts together to define desired outcomes and explore a wide range of technical design choices in relation to a US CBDC."In January, the Federal Reserve published its long-anticipated discussion paper on the risks and benefits of a digital dollar and invited public comment - but studiously avoided giving any hints on its plans.Fed chair Jerome Powell has remained noncommittal on the chances of a digital dollar, but others at the central bank have been less circumspect.Supervision chief Randal Quarles has suggested that CBDCs could be an embarrassing fad, comparable to the parachute pants made famous in the 1980s by rapper MC Hammer.

Former United States Federal Reserve vice-chair for supervision Randal Quarles discussed central bank digital currencies (CBDC) and the chances of the U.S. adopting such technology in an interview on the "Banking With Interest" podcast Tuesday. Quarles, who is known for his opposition to a CBDC, expressed his skepticism about the so-called digital dollar and predicted the U.S. will not introduce it.

Following the withdrawal of former Federal Reserve Board governor Sarah Bloom Raskin, United States President Joe Biden has announced his intention to nominate former Obama administration official and law professor Michael Barr as the central bank’s vice chair for supervision.

The paper, first trailed by Fed chair Jerome Powell last May, is the "first step in a discussion of whether and how a CBDC could improve the safe and effective domestic payments system," says the central bank.It was supposed to be published last summer but the Fed is determined to take its time on the issue despite some countries, most notably China, forging ahead with their CBDC plans.The paper rehearses established arguments for and against a digital dollar, including in relation to faster international payments and concerns about privacy and financial stability.The Fed is now seeking public comment on more than 20 questions, with submissions accepted for 120 days.While Powell has remained noncommittal on the chances of a digital dollar, others at the Fed have been less circumspect.

In what likely will be just a few months' time, the Federal Reserve will look a lot different: Three new governors, a new vice chairman, a new banking chief and likely a couple new regional presidents.

The White House has officially tapped former Fed governor Sarah Bloom Raskin to serve as the vice chair for supervision for the Federal Reserve, as well as economists Lisa Cook and Philip Jefferson to fill two empty seats on its board of governors.

The White House is reportedly considering an Obama-era economic adviser and former Fed economist to fill the empty seats on the board of governors of the Federal Reserve System in 2022. 

Do you remember the time when a fleeting mention of Bitcoin, stablecoins, or even central bank digital currencies by a top-ranking government official was considered major news all over the cryptoverse? Feels like It’s been forever. As we find ourselves in the midst of digital assets’ global mainstreaming, such statements come in droves every day and are expected.

Speaking publicly for the last time as a member of the Board of Governors of the Federal Reserve System, Randal Quarles urged regulators to exercise restraint on stablecoins.

A top Federal Reserve official said it was time for the central bank to prepare to raise interest rates because inflation was likely to stay above the Fed’s 2% target for longer than anticipated.

President Biden is considering Richard Cordray, the first director of the Consumer Financial Protection Bureau, to serve as the Federal Reserve’s top banking regulator, according to people familiar with the matter.

WASHINGTON—President Biden’s decision to reappoint Jerome Powell as Federal Reserve chairman and elevate governor Lael Brainard signals continuity on monetary policy but leaves open questions on the direction the central bank will take in regulating Wall Street.

Randal Quarles has resigned his position from the Board of Governors of the Federal Reserve System, effective by the end of December. 

Federal Reserve governor Randal Quarles said Monday he would resign his position around the end of this year.