Fed Governor Lael Brainard pressed the case for a digital dollar, saying a cryptocurrency backed by the central bank could provide a variety of benefits.
Sen. Pat Toomey, R-Pa., expressed concern about the central bank's foray into social issues such as climate change, race and health insurance.
The U.S. dollar advanced across the board on Wednesday, shaking off the weakness of the previous session, as it continued its recent rebound from last week's near three-year low.
President-elect Joe Biden could redesign the Federal Reserve during his first term by nominating new members to the central bank.
Yellen, if confirmed by the Senate, would be the first woman to lead the Treasury Department.
The Fed is going green, and that could mean a substantial change for the way institutions have to prepare for the unexpected.
Gold retreated 1% to near $1,900 an ounce on Thursday on better-than-expected U.S. jobs data, with appeal of the metal further weighed down by a stronger dollar and doubts over a U.S. stimulus package before the presidential elections.
The dollar index ticked higher on Thursday, easing off a seven-week low as hopes for a coronavirus aid package ahead of the U.S. elections faded and COVID-19 cases surged around the world, giving a slight bid to safe-haven assets like the greenback.
Joe Biden's White House team, were he to win, could include Sen. Elizabeth Warren, equitability economist Heather Boushey or Federal Reserve Governor Lael Brainard.
The move signals that the unprecedented nature of the coronavirus pandemic, and the difficulty in forecasting what the future holds for banks, is making the Fed cautious.
Fed Governor Lael Brainard wants to see how the economy is performing before making changes on monetary policy.
She says the issue could have impact on determining interest rates and cause systemic financial damage.
Japanese-style interest rate caps are drawing interest from global central bankers worried about a downturn, including U.S. Federal Reserve officials.
The remarks echoed those from Fed Chairman Jerome Powell who said he is watching the impact the trade war is having on the economic outlook.
CNBC's Steve Liesman sits down with Lael Brainard, Federal Reserve Governor, to react to weaker than expected retail sales data, the possibility of rate hikes, the global economy and more.
Lael Brainard, Federal Reserve governor, joins CNBC's Steve Liesman to react to weaker than expected retail, what she sees as mounting downside risks, and slowing economic growth.
Railing against inequality is a pertinent message, but scholars also warn that the gap between the rich and poor can lead to bigger issues.
Stocks fell on Wednesday as losses in tech and AT&T shares outweighed a post-earnings bounce in Boeing.
The Dow Jones Industrial Average fell Wednesday in volatile trading after a summary of the Federal Reserve's most-recent meeting showed the central bank was leaning toward more rate hikes moving forward.
CNBC's Steve Liesman reports that Lael Brainard, a member of the U.S. Federal Reserve's Board of Governors, said that continued gradual rate hikes could continue and that the fed could hike rates above neutral.