Remarks by Assistant Secretary for International Finance Brent Neiman on the U.S. Cross-Border Payments Agenda

As Prepared for Delivery Thank you very much for the opportunity to be here today, and a particular thank you to our hosts, John Williams, Fabiola Ravazzolo, and their team at the Federal Reserve Bank of New York. This conference is a timely and welcome addition to the range of engagements the New York Fed hosts. Foreign exchange markets are critical to so much economic activity, from hedging to trade financing, and they are evolving rapidly. We have come a long way from the days when spot markets were dominant, and the New York Fed has been a positive force at every step along the way. Let me state at the outset that these are unusual circumstances in which to be giving a policy speech. I serve as Treasury’s Assistant Secretary for International Finance and was nominated for this role by President Biden.