Thank you for the opportunity to speak with you today on the important topic of innovations in money and payments. These issues continue to be of primary importance to the Federal Reserve.1 As part of its key functions, the Federal Reserve carries out a number of different responsibilities that include fostering a safe and efficient payment system and providing services that support U.S. financial markets and private-sector payment, clearing, and settlement arrangements; promoting the safety and soundness of individual financial institutions and monitoring their impact on the financial system as a whole; setting U.S. ... (full story)