BESSENT: WILL SEE SUBSTANTIAL TARIFF NEWS NEXT COUPLE DAYS BESSENT: ECONOMY WAS IN GREAT PLACE BEFORE SHUTDOWN BESSENT CITES 'HICCUP' IN ECONOMY THANKS TO SHUTDOWN BESSENT: EXPECT AMERICAN PEOPLE WILL START FEELING BETTER ABOUT ECONOMY IN Q1, Q2 BESSENT: $2,000 REBATE WOULD BE FOR THOSE MAKING LESS THAN $100,000 BUT NOT DECIDED *BESSENT REITERATES 'SUBSTANTIAL' TAX REFUNDS COMING EARLY 2026 BESSENT: GOING TO UNVEIL TARIFF RELIEF ON COFFEE, OTHER ITEMS BESSENT: WILL SEE SUBSTANTIAL ANNOUNCEMENTS ON PRICES FOR PRODUCTS LIKE COFFEE, BANANAS THAT WE DON'T GROW IN U.S. -FOX NEWS

Thank you, Julapa. Good morning, everyone. It is my distinct pleasure to welcome you to the Federal Reserve Bank of Philadelphia and to our Ninth Annual Fintech Conference. As we begin the conference, I’d like to share my perspectives — and some of the questions that I am grappling with as we consider the conference theme: how to harness the benefits and mind the risks of fintech innovations. These are of course my own views, and not necessarily those of the Federal Reserve System or my Federal Open Market Committee (FOMC) colleagues. As I look around this room, I’m struck by the extraordinary depth and diversity of expertise assembled here today. Technologists and bankers, regulators and entrepreneurs, academics and investors, consumer advocates, and policymakers — all united by a shared interest in the future of finance. This diversity is not incidental to our purpose but essential to it. We are gathered at an important inflection point in the evolution of our financial system. The rapid convergence of cutting-edge technologies with traditional financial infrastructure creates unprecedented opportunities and equally significant challenges that no single perspective can address. Consider the transformation we’ve witnessed in just the past decade. Mobile payments have evolved from novelty to necessity. Artificial intelligence and machine learning are revolutionizing everything from credit decisions to fraud detection. Open banking is redefining the relationship bet Fed's Paulson does not comment on monetary policy, economic outlook in prepared remarks to fintech conference.

Dr. Raphael W. Bostic, president and chief executive officer of the Federal Reserve Bank of Atlanta, today announced his intention to retire at the end of his current term, which officially concludes on February 28, 2026. President Bostic has served with distinction since June 5, 2017, as the 15th president and chief executive officer of the Atlanta Fed. He is the first African American and openly gay president of a regional Federal Reserve Bank in its 111-year history. "It's been my distinct honor and privilege to lead the Atlanta Fed for these past eight and a half years. I feel incredibly fortunate to have worked with the Atlanta Fed's outstanding staff to fulfill the Federal Reserve's mission and serve the Sixth District and the American people," Bostic said while reflecting on his term as president. "I'm proud of what we accomplished during my tenure to turn the lofty goal of an economy that works for everyone into more of a reality, and I look forward to discovering new ways to advance that bold vision in my next chapter." In his role, President Bostic is responsible for overseeing all of the Bank's activities, including monetary policy, bank supervision, and payment services. He serves on the Federal Open Market Committee, the monetary policymaking body of the Federal Reserve System. "It has been a privilege to serve alongside President Bostic," Federal Reserve Board Chair Jerome H. Powell said. "His perspective has enriched the Federal Open Market Committee's understanding of our dynamic economy. And his steady voice has exemplified the best of public service—grounded in analysis, informed by experience, and guided by purpose. His leadership has strengthened our institution and advanced the Federal Reserve's mission." The Federal Reserve Bank of Atlanta's board of directors will form a search committee comprised of non-banking members of the Atlanta Fed's board of directors to conduct a nationwide search for the next president of the Federal Reserve Bank of Atlanta, consistent wi Atlanta Fed: Fed's Bostic to retire on February 28th, 2026, at the end of his current five-year term. The Atlanta Fed will form a search committee for Fed's Bostic's successor.