Mary Daly

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.

It's constant recalibration, constantly asking the question, are the bridles too tight, or are the reins too tight, or are they too loose?

It's very much like monetary policy in that way.

You don't get to a point and say, great, we won, victory.

If you've ever ridden a horse, and if you haven't, I apologize, but if you've ever ridden a horse, it's not my first vocation, you know if you pull too tight, it stops on a dime and you're over the head.

And if you let go too much, it runs too fast and you're over the back.