New York Fed launches Innovation Advisory Council
Advisory group provides perspectives on emerging financial technologies and digital innovation
NEW YORK, NY (April 5, 2022) — The Federal Reserve Bank of New York today launched the Innovation Advisory Council (IAC), a new advisory group. The primary goal of the IAC is to present views and perspectives to the New York Fed on emerging issues related to financial technologies and digital innovation, the application and market impact of these technologies, and the potential impact on the New York Fed’s ability to achieve its mission. The IAC’s first meeting will be April 6, 2022.
“In our fast-changing world, digital innovation and financial technologies have never been more important, and we are excited to bring together experts in this field through our Innovation Advisory Council,” said Naureen Hassan, chief operating officer of the New York Fed and chair of the IAC. “I look forward to hearing from members of the IAC on these issues, which are so vital to our economy and financial system.”
Innovation Advisory Council members are selected based on their expertise across the breadth of issues relevant to digital innovation, including financial technologies. Membership will be sufficiently diverse to include financial institutions, non-financial institutions, new entrants, consumer organizations, technology providers, cross-border payments entities, consultants, and academic institutions, among others. The IAC will meet at least three times per year.
For more information on the IAC, including membership, meeting agendas and minutes, please see the New York Fed’s website.
The IAC supersedes the New York Fed’s Fintech Advisory Group, which was terminated in April 2022.
About New York Fed
The New York Fed oversees the Second Federal Reserve District, which includes New York State, the 12 northern counties of New Jersey, Fairfield County in Connecticut, Puerto Rico and the U.S. Virgin Islands. Though it serves a geographically small area compared with those of other Federal Reserve Banks, the New York Fed is the largest Reserve Bank in terms of assets and volume of activity. The New York Fed has several unique responsibilities as part of the Federal Reserve System, including conducting open market operations to execute monetary policy on behalf of the FOMC, acting as the fiscal agent of the U.S. Treasury, operating Fedwire, and providing banking and clearing services to foreign central banks, governments and international agencies.