I am delighted to be included in the third annual Fintech Conference, and grateful to our host, the Federal Reserve Bank of Philadelphia, and conference partners—the Wharton School of the University of Pennsylvania, the Bank Policy Institute, the Brookings Institution, and the University of Cambridge. We think of fintech as a new thing, but I’d like to begin my talk by considering a historical example of financial technology and innovation from the time of the Fed’s founding. Countless innovations have been made in finance throughout history. And policymakers, including central bankers, have long grappled with how to ... (full story)