Bitcoin May Wipe Out Its Yearly Gains

Thank you for the opportunity to speak to you today. The Federal Reserve is actively revising its banking regulations, a project that I strongly support. For many years, financial regulation mostly moved in one direction, increasingly restricting the banking sector. Because the interactions of regulation with financial markets, the economy, and monetary policy implementation are too often unappreciated, this led to adverse consequences and lots of head scratching as to their causes. In some respects, regulations enacted to shore up financial stability have constrained the Fed's control over some elements of monetary policy transmission and the size of the balance sheet. Regulatory dominance of the balance sheet must be considered and accounted for to ensure the Federal Open Market Committee (FOMC), through its statutory mandate, has autonomy over conducting monetary policy. MIRAN SAYS HE SUPPORTED FED'S DECISION TO STOP BALANCE SHEET RUN-OFF MIRAN SAYS IT'S 'POSSIBLE' THAT FED COULD SHRINK ITS BALANCE SHEET AGAIN IN THE FUTURE