The president of the Federal Reserve Bank of Cleveland, Loretta J. Mester, outlined gave speech at the 20th Anniversary Chicago Payments Symposium on Wednesday called Payments and the Pandemic where she outlined their goal of creating a central bank digital currency (CBDC). Over 80% of central banks said they approve of the initiative and/or have already started working on CBDC initiatives of their own.  A digital currency would make it easier for the Fed to give direct payments to 331 million Americans and not be as reliant on private banks, lenders and credit agencies.

PYMNTS (Sept 25, 2020)