On May 30, 2024, Deputy Assistant Secretary for the Financial Stability Oversight Council (FSOC), Sandra Lee, delivered remarks at the Conference on Artificial Intelligence and Financial Stability. The event was hosted by FSOC in partnership with the Brookings Institution at the Treasury Department and was also accessible via webcast.
Secretary of the Treasury Janet L. Yellen addressed attendees at the Financial Stability Oversight Council’s (FSOC) Conference on Artificial Intelligence and Financial Stability, emphasizing the importance of AI in financial services and its associated risks.
The U.S. Department of the Treasury has issued a request for information (RFI) on the uses, opportunities, and risks of artificial intelligence (AI) in the financial services sector. This initiative builds on Treasury's recent work concerning cybersecurity and fraud in AI, as well as initiatives by other federal agencies. The department is seeking public input on how AI is being utilized within the financial services industry and the potential benefits and risks associated with its development and application.
Thank you to Code for America for inviting me to speak at today's conference about IRS Direct File, our new option for Americans to file their taxes for free.
Today, U.S. Secretary of the Treasury Janet L. Yellen met with Vietnam Deputy Prime Minister Le Minh Khai to discuss the strengthening economic ties and the Comprehensive Strategic Partnership between the two nations.
The Financial Stability Oversight Council (FSOC), in collaboration with the Brookings Institution, commenced a conference on Artificial Intelligence (AI) and Financial Stability today. The event, held in Washington, D.C., gathered participants from both public and private sectors to discuss AI's evolving role in the financial system and its potential implications for U.S. financial stability.
Secretary of the Treasury Janet L. Yellen met with Prime Minister Alexander De Croo of Belgium to discuss key policy priorities during Belgium’s six-month presidency of the Council of the European Union.
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) announced today that Direct File will become a permanent, free tax filing option. All 50 states and the District of Columbia have been invited to join this initiative for the 2025 filing season. This decision follows a successful pilot program where 140,000 taxpayers claimed over $90 million in refunds and saved an estimated $5.6 million in filing costs.
Thank you, Julia, for the kind introduction and thank you to Atlantik Brücke and TBI for hosting me here today. I have visited Germany more often than any other country during the Biden Administration. This speaks not only to the depth but also the breadth of the U.S.-German partnership on economic, climate, and national security issues. But as you all know, the foundation of our partnership is deeper than our shared interests. Our people share the same values, including a deep and abiding commitment to promoting democratic values at home and abroad.
The Federal Reserve Bank of Cleveland has announced the appointment of Beth M. Hammack as its next president and chief executive officer, effective August 21, 2024. Hammack will succeed Loretta J. Mester, whose tenure concludes on June 30, 2024, in accordance with Federal Reserve policies.
The national unemployment rate stood at 3.9% in April, aligning with pre-pandemic levels. New England's unemployment rate was even lower at 3.3%. According to MIT economist David Autor, the tight labor markets during the pandemic resulted in rising wages for low-paid workers, reversing a four-decade trend of increasing inequality between low- and high-wage workers. The Biden administration has emphasized that the recovery from the pandemic-induced downturn is one of the most equitable in recent history.
The Federal Reserve has reported that the regional economy experienced modest growth in recent weeks. Consumer spending on retail, restaurants, and leisure travel increased, although new vehicle sales saw a slight decline. Import activity surged due to natural growth and cargo diverted from Baltimore. The Port of Baltimore recently opened a limited access channel allowing most container ships to enter the harbor.
President Mester delivered remarks for a panel discussion at the Bank of Japan in Tokyo on May 28, 2024. The speech, titled “Forward Guidance and Monetary Policy Communications: Use Your Words and Connect the Dots,” focused on the importance of clear communication in monetary policy.
On May 28, 2024, a comprehensive discussion on forward guidance and monetary policy communications was presented, emphasizing the importance of clear communication from the Federal Open Market Committee (FOMC). The effectiveness of forward guidance as a policy tool in extraordinary times can be significantly enhanced by improving monetary policy communications during normal times.
The National Credit Union Administration (NCUA) has granted a federal charter and Share Insurance Fund coverage to Tribe Federal Credit Union in Minneapolis. This marks the first federal credit union to receive a charter under the NCUA’s provisional charter pilot initiative.
The Federal Reserve Bank of Richmond announced today that Anna Kovner has been appointed as the new Director of Research. She will join the Richmond Fed's Management Committee in mid-June.
Reuters recently conducted an interview with President Loretta J. Mester of the Cleveland Federal Reserve. In her nearly 40 years with the Federal Reserve, Mester has witnessed significant changes in how the U.S. central bank communicates about economic conditions and monetary policy.
The Federal Reserve Bank of New York released a report titled “Flood Risk and Basement Housing in New York City: The Impact of Extreme Weather on Vulnerable Housing Stock” on May 22, 2024. The report indicates that approximately 10% of low-income and immigrant New Yorkers reside in census tracts with basement apartments at high risk of flooding.
The Federal Reserve, the central bank of the United States, released the minutes of the Federal Open Market Committee (FOMC) meeting held on April 30–May 1, 2024. The minutes were made public on May 22, 2024, at 2:00 p.m. EDT.
The Hong Kong Monetary Authority (HKMA) has published the Hong Kong Taxonomy for Sustainable Finance, a framework aimed at raising awareness about green finance and promoting a common understanding of green activities. The taxonomy is designed to facilitate green finance flows, align investment decisions with climate goals, and reduce risks associated with non-aligned low-carbon assets. It also aims to unlock new investment opportunities in green technologies and sustainable projects while increasing transparency and accountability in the financial sector.
