The Minutes of John Williams on regulation https://minutesof.com/john-williams/on/regulation/ Everything John Williams has said on regulation: 3 verbatim quotes, each with a timestamp and a link to the recording it came from. en Sun, 30 Aug 2026 16:23:03 +0000 Williams expresses concern that financial innovation driven by regulatory arbitrage is a permanent environment https://minutesof.com/q/5ecf69ad-8bff-498b-9547-68b8799ffad8/ https://minutesof.com/q/5ecf69ad-8bff-498b-9547-68b8799ffad8/ “I say this in part to convey a concern that while perhaps the upsides to innovation in intermediation are far larger than I at times perceive them to be, the downsides emanating from instruments and maturity transformation that are more plainly about managing regulatory processes seems a permanent feature of the environment.” — NY Fed speeches regulation Williams says banks cite liquidity regulation changes and 24/7 payments transition as key drivers of reserve d https://minutesof.com/q/412618c4-fde7-4bde-90e6-c1f141a153da/ https://minutesof.com/q/412618c4-fde7-4bde-90e6-c1f141a153da/ “Banks cite changes to liquidity regulations, as well as shifts in liquidity management amid the transition toward 24/7 payments and the adoption of payment innovations, as important drivers of their preferred levels over the next two years ( Panel 11 ).” — NY Fed speeches regulation Williams notes survey respondents expect implementation and bank reaction to regulatory changes would take tim https://minutesof.com/q/fc415e3b-aadf-4871-887e-3fef20a9221c/ https://minutesof.com/q/fc415e3b-aadf-4871-887e-3fef20a9221c/ “In addition, should changes materialize, respondents may think that it will take time to see them implemented, and possibly even more time for banks to react.” — NY Fed speeches regulation