Yesterday Republican Federal Reserve Governor Christopher Waller spoke about the role of the Federal Reserve, saying it should leave most payment roles to the private sector. He believes the Federal Reserve should only step in to address market inefficiencies, such as clearing and settlement. He has always been skeptical about the idea of a central bank digital currency (CBDC) and reiterated that stance, saying he can’t see what market failure or efficiency it aims to address.
His speech outlined the history of the Federal Reserve and why it was needed. Given the context of looming government belt tightening by the new Department of Government Efficiency (DOGE), one could interpret the talk as a justification for retaining the Fed.
Shortly after Governor Waller delivered his speech, Trump confirmed Elon Musk and Vivek Ramaswamy as co-heads of DOGE, which will operate outside of the government, allowing Musk to retain his business roles. The White House Office of Management and Budget will be tasked with implementing the recommendations from DOGE.
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