The Federal Reserve formally adopted tough, sweeping restrictions on officials’ investing and trading, aiming to prevent a repeat of the ethics scandal that engulfed the U.S. central bank last year.

In a Senate Banking Committee hearing on the economy, Republicans reiterated their demand for more transparency from Sarah Bloom Raskin, President Biden's pick to serve as vice chairman for supervision at the Federal Reserve.

Global financial regulators said digital assets could soon threaten global financial stability due to their scale, structural vulnerabilities and increasing interconnectedness with the traditional financial system.

Republicans on the Senate Banking Committee skipped its scheduled vote on five Federal Reserve appointees, preventing a quorum. Minority Leader Mitch McConnell echoed concerns raised about nominee Sarah Bloom Raskin, saying she wants the Fed to become an “ideological left-wing activist body” that interferes with private-sector credit decisions.

GOP lawmakers are considering a plan by Sen. Pat Toomey, the top Republican on the Senate Banking Committee, to boycott Tuesday’s committee votes on Raskin and President Biden’s four other Federal Reserve nominees. Such a move would deny Democrats a quorum to move forward.

A crucial centrist vote among Democrats, the Montana lawmaker and Senate Banking Committee member predicts the full chamber will support Raskin's nomination for vice chair for supervision of the Federal Reserve Board if she advances out of committee on Tuesday.

Sarah Bloom Raskin, President Biden’s pick to be the Federal Reserve Board’s vice chair for supervision, has had a distinguished career as a state and federal banking regulator. Her belief that banks should identify assets that are subject to climate-related shocks sounds like basic risk management, not a radical call to action.

Dennis Gingold, co-founder of the Reserve Trust company, says Republican allegations that central bank nominee Sarah Bloom Raskin behaved unethically in interacting with the Federal Reserve Bank of Kansas City while serving on the company's board are “completely false.”

The largest U.S. banks will be tested against a hypothetical massive surge in unemployment and a crash in commercial real estate in the Federal Reserve's annual stress tests, according to scenarios announced Thursday.

Pat Toomey, the top Republican on the Senate Banking Committee said Congress should weigh an overhaul of the U.S. Federal Reserve Regional Bank system and consider consolidating regional banks that are “wandering” into issues such as climate change.

The Federal Reserve Bank of Boston announced that Susan Collins, an economist currently at the University of Michigan, will be its new president, marking the first time a Black woman will lead one of the U.S. central bank’s 12 districts.

Stablecoins are unlikely to be the future of payments despite their growing market value in the last two years, according to a Federal Reserve Bank of New York blog post.

The work of creating a possible digital dollar inched ahead Thursday with research by the Federal Reserve Bank of Boston into the code that could eventually support such a currency.

The White House's pick for vice chair for supervision, Sarah Bloom Raskin, took the brunt of criticism from Republicans on Thursday. But it seemed to do little to sow doubt among the Senate Banking Committee's moderate Democrats about Raskin or fellow nominees Lisa Cook and Philip Jefferson.

Republicans have knocked Sarah Bloom Raskin as too liberal on climate change and Lisa Cook as underqualified ahead of a Senate Banking Committee hearing Thursday. Meanwhile, a Democratic senator's illness threatens to stall nomination votes in the full chamber.

Democratic Sen. Joe Manchin praised all five of President Biden's nominees for the Federal Reserve, an important signal for their confirmations in the 50-50 Senate.

Federal Reserve Chair Jerome Powell said the central bank was ready to raise interest rates in March and didn’t rule out moving at every meeting to tackle the highest inflation in a generation.

Pat Toomey, the top Republican on the Senate Banking panel, questioned the backgrounds of President Biden’s Federal Reserve picks amid a brewing conflict over diversity at the central bank and its role in dealing with climate change.

U.S. bank stocks are headed for their worst losing streak in a year, burning investors who bought shares on expectations that the Federal Reserve raising rates for the first time since 2018 would boost the sector.

The Federal Reserve Board would become far more diverse if Sarah Bloom Raskin, Philip Jefferson and Lisa Cook are confirmed by the Senate. Jefferson and Cook are respected economists seen as likely to get the nod, but Republicans will challenge Raskin's assertions that bank regulators can play a vital role in combating climate change.