Hot Topics

• Governor Hochul presented her Executive Budget Proposal, which is the first step in the long process of negotiating a State budget.  The State Budget is due to be finalized on April 1st, and both houses of the legislature will likely release their budget proposals sometime in March.  NYBA will continue to analyze the proposals and update members on the process.
  
  
• The Federal Reserve released a long awaited discussion paper that examines the pros and cons of a potential U.S. central bank digital currency, or CBDC. It invites comment from the public and is the first step in a discussion of whether and how a CBDC could improve the safe and effective domestic payments system. The paper does not favor any policy outcome.