Cyberattacks the biggest threat to US financial system, Fed’s Powell says

Jay OwenReforming Global Finance

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Cyberattacks the biggest threat to US financial system, Fed’s Powell says

Cyberattacks the biggest threat to US financial system, Fed's Powell says

Powell (Alex Wong/Getty Images)

Cybersecurity breaches might be the most serious risk confronting the US economy and financial system, said Jerome Powell, President Donald Trump’s nominee for chairman of the Federal Reserve. “We are very focused on providing the resources to deal with [cybersecurity breaches] and to make sure that the financial institutions that we regulate, supervise, address it,” he said.

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Carnegie Mellon’s Goodfriend nominated Fed governor

Carnegie Mellon University professor and former Federal Reserve economist Marvin Goodfriend has been nominated to fill one of three vacancies on the central bank’s board of governors. Goodfriend thinks the Fed should limit asset purchases to Treasurys and advocates greater congressional oversight of the central bank.

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