Fed's Collins says tech changes can improve financial system
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FILE PHOTO: Federal Reserve Bank of Boston President Susan Collins stands behind the Jackson Lake Lodge in Jackson Hole, where the Kansas City Fed holds its annual economic symposium, in Wyoming, U.S., August 24, 2023. REUTERS/Ann Saphir/File Photo
BOSTON (Reuters) - Federal Reserve Bank of Boston President Susan Collins said Friday the U.S. central bank needs to keep a close watch on technological developments in the financial system.
“We must all be attuned to the very real risks and challenges” resulting from technical innovations, Collins said in the text of a speech for an event at her bank.
“The optimist sees potential for a virtuous cycle, with the financial system benefiting from technological advances enabled by innovations, and adapting to changes in the economy – while a more efficient financial system, in turn, can boost economic growth,” she said.
Collins did not comment on the monetary policy and economic outlook in her prepared remarks.
(Reporting by Michael S. Derby)
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