Federal Reserve Vice Chair for Supervision Michael Barr emphasized the link between monetary policy and financial stability during a speech at Yale School of Management on February 25, 2025. Barr, who is set to step down from his role on February 28, 2025, also spoke at Georgetown Law on February 20, highlighting the importance of regulation and supervision in the financial sector. In his final speech as the agency's top regulatory official, Barr discussed the Federal Reserve's approach to supervising novel activities, including those related to fintech and cryptocurrency. He noted that the Federal Reserve currently supervises 22 firms under its Novel Activities Supervision Program, which was established to monitor and understand the use of new technologies in banking. Barr clarified that the Federal Reserve does not prohibit banks from working with the crypto-industry, stating that banks supervised by the Fed provide significant services to this sector. He stressed the importance of early engagement with banks on fintech to manage the risks associated with innovation responsibly.