In a speech delivered last week, Michelle W. Bowman, a Governor on the US Federal Reserve Board, explained how regulators can "get comfortable with innovation" and better support industry efforts to innovate while minimizing risks to financial stability and consumers.
"As a first principle, I would offer 'understanding' as a necessary predicate to promoting innovation," Bowman said. "Before we craft a useful public policy around innovation in banking, we need to understand the various dynamics involved with particular innovations."
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