Mary Daly

The skills I developed in the mid-90s, I've certainly had to change and augment those to be able to do my job today.

So I do have to say, because this is a weird aspect of Federal Reserve, I don't know if it's weird, I think it's right, but it's a unique aspect of Federal Reserve's system.

The Reserve Bank presidents don't do any regulation.

Right, supervisor, yeah.

And we don't even do any supervision.

That's all left with Vice Chair Bowman and the Board of Governors, and the rules get made by the full Board of Governors, not the Reserve Bank presidents.

That said, we can talk about regulation more generally, not just in financial services.

And there's always a tension.

If you're an economist, you know this.

If you're a business, you know this, right?

There's always a tension.

If you let fully unregulated innovation occur, you could do customer and consumer harm.

If you do so much regulation that no innovation occurs, well, then you will end in stasis.

And so somewhere in the middle is where the nation has to go.

And we have, historically,

had a very robust financial sector in the United States that's facilitated a lot of intermediation and growth and sort of allowed us to be the country that we've been in terms of doing things.

So we don't want that to stop.

But as new tools and technologies come out, it's not about cutting them off.

It's really about thinking about how they can be done safely but still innovatively.

And I think that magic place is not something you get to and then you're always there.