Remarks by Under Secretary for Domestic Finance Nellie Liang “Modernizing U.S. Money and Payments: Technological and Regulatory Considerations” at the Peterson Institute for International Economics

The following remarks were delivered by Under Secretary for Domestic Finance Nellie Liang at the Peterson Institute for International Economics Conference on Rethinking Economic Policy: Steering Structural ChangeAs Prepared for DeliveryRecent developments in consumer preferences, technology, and new payments firms have coalesced to create a unique opportunity to upgrade U.S. money and payments, with the potential to significantly benefit the financial system and economy. First, consumer preferences for electronic commerce continue to increase and use of mobile payments has stepped up dramatically since the Covid-19 pandemic. Second, technological advances, such as lower-cost computing and cryptography, have the potential to make payments faster, more efficient, and available in real-time.