Speech At the Federal Reserve Bank of Atlanta 2026 Banking Outlook Conference: The Next Horizon in Banking, Atlanta, Georgia (via pre-recorded video)

Speech At The Great Realignment: Navigating AI, Demographic and Geoeconomic Change, 42nd Annual NABE Economic Policy Conference, The National Association for Business Economics, Washington, D.C.

Speech At the Federal Reserve Bank of Boston 2026 Technology-Enabled Disruption Conference: Shaping the Future of Finance and Payments, Boston, Massachusetts (via webcast)

Speech At “The Great Realignment: Navigating AI, Demographic, and Geoeconomic Shifts,” 42nd Annual NABE Economic Policy Conference, Washington, D.C.

Speech At The Roundtable on Liquidity and Lender of Last Resort sponsored by the Committee on Capital Markets Regulation, Washington, D.C.

Speech At the Cato Institute Policy Forum: Basel III and Bank Capital Rules, Washington, D.C.

Speech At the American Society for Public Administration Annual Conference: Paul A. Volcker Public Integrity Award Ceremony (via pre-recorded video)

Speech At the 2026 National Community Investment Conference, Phoenix, Arizona

Speech At Yale Program on Financial Stability, School of Management, Yale University, New Haven, Connecticut

Speech At the Economic Club of Miami, Miami, Florida

Speech At the Global Perspectives Speaker Series, Federal Reserve Bank of Dallas, Dallas, Texas

Speech At the Brookings Institution, Washington, D.C.

Speech At “The GENIUS Act in Practice: Key Questions for Stablecoin Regulation,” The Federalist Society, Washington, D.C.

Speech At CBA LIVE 26, Consumer Bankers Association, San Diego, California

Speech At the College of Business Administration, University of Detroit Mercy, Detroit, Michigan

At Strengthening America’s Economy through Rural Investment: A Working Forum, Washington, D.C. It is great to be here with you today. During my career, I've had the opportunity to work on issues affecting rural communities, especially access to capital. My time at the Federal Reserve has only deepened my appreciation for the opportunities and challenges of rural America, as I've traveled over the past several years to rural communities.

At the David Kaserman Memorial Lecture, Department of Economics, Auburn University, Auburn, Alabama Thank you, Joe, and thank you for the opportunity to speak to you today. My subject, as it often is, is the outlook for the U.S. economy and the implications for monetary policy. My last outlook speech was at the end of February, which, I have to say, now feels like it was a year ago. Before I get to everything that has happened since, let me remind you of how things looked back then. The economic data indicated that, in the absence of the temporary effects of tariffs, inflation was running a bit above the Federal Open Market Committee's (FOMC) 2 percent goal....

Thank you, David and thank you to Brookings for having me speak today. Whenever anyone hears the words "Federal Reserve" they immediately think about monetary policy and the Federal Open Market Committee (FOMC) setting the federal funds rate. There is obviously tremendous media attention on those policy decisions, as there should be because they affect U.S. households and businesses and financial markets around the world. But the FOMC only meets 16 days a year to set monetary policy, so what are we doing at the Fed the rest of the time? The answer to that question is that we run a large and complex organization across 12 Federal Reserve Districts, with a heavy operations focus. So today I want to talk about how we meet these operational responsibilities to give you a better understanding of the structure of the Fed and what we do each day. As I will explain, there were and remain good reasons for the Fed's decentralized structure, which is mandated under the 1913 Federal Reserve Act. It is an important enabler in carrying out our many vital responsibilities, which affect virtually everyone in every corner of America. But that doesn't mean the Fed's operations should not change to reflect a changing world. As the Board member responsible for leading the oversight of Federal Reserve operations on behalf of my colleagues, I believe the Federal Reserve needs to be continuously oriented toward modernizing how it operates—reducing costs, more effectively managing risk, and delivering the best possible value to the American taxpayer. And that has been my objective since I became the member of the Board of Governors responsible for Reserve Bank oversight. To explain why that matters and what it has meant in practice, I will start with a brief overview of the structure of the Fed and describe how its operations have evolved over time, including over the last few years under my direction. I will then address two questions that I believe are critical for thinking about how the Federal Reserve should organize its work in the 21st century. First, which Fed activities are intrinsically local, and conducted for the benefit of an individual Federal Reserve District? Second, which activities are conducted on behalf of the Federal Reserve System as a whole, with attendant opportunities to exploit specialization, economies of scope, and economies of scale? In short, what needs to be done at a Reserve Bank and what can be done more efficiently elsewhere in the System? A Short History of Operations in the FRS To begin with a quick orientation, the Federal Reserve System is composed of the Board of Governors in Washington, D.C., the 12 regional Reserve Banks located across the country and the Federal Open Market Committee. In this speech, I will focus solely on the Reserve Banks and not the Board or the FOMC. All told, there are approximately 20,000 employees across the 12 Banks, with the vast majority focused on operations—implementing market operations, performing fiscal agent activities for the U.S....

Bowman, Artificial Intelligence in the Financial System. Speech At the Financial Stability Oversight Council Artificial Intelligence Series Roundtable on Cybersecurity and Risk Management, Washington, D.C.

Bowman, A Coordinated Approach to Consumer Fraud Protection. Speech At the 2026 Women in Housing and Finance Symposium, Washington, D.C.

Cook, Perspectives on Tokenization and Implications for the Financial System. Speech At the Central Bank of West African States (BCEAO) Conference on Digital Assets, Dakar, Senegal

Bowman, When Regulation Reshapes Markets: The Migration of Corporate Lending. Speech At the Hoover Institution Annual Monetary Policy Conference, Stanford, California

Waller, Update On Federal Reserve Bank Operations. Speech At the Hoover Institution Annual Monetary Policy Conference, Stanford, California

Bowman, Opening Remarks. Speech At the Federal Reserve Bank of Kansas City 2026 Future of Banking Conference: Powering Progress, Protecting Trust, Kansas City, Missouri (via pre-recorded video)

Barr, Efficient and Effective Central Banking: Beyond the Balance Sheet. Speech At the Money Marketeers of New York University, New York, New York

Barr, Measuring Financial Health. Speech At EMERGE Financial Health 2026 Scaling Progress, Shaping the Future, Atlanta, Georgia

Waller, Policy Risks Have Changed. Speech At The Centre for Central Banking Guest Lecture, Frankfurt, Germany

Cook, The Opportunities and Risks AI Presents for the Economy and Financial System. Speech At the Stanford Institute for Economic Policy Research, Stanford University, Stanford, California

Jefferson, Global Economic Developments and the U.S. Economy. Speech At the 2026 Bank of Japan-Institute for Monetary and Economic Studies Conference, Tokyo, Japan