A major attack on our cyber systems could shut down our critical infrastructure - financial systems, communications systems, electric grids, power plants, water treatment centers, transportation systems and refineries - that allows us to run our economy and protect the safety of Americans.
As a steward of the U.S.economy and financial systems, the Treasury has helped lay the groundwork for the American economy to become a model of strength, flexibility, dynamism, resiliency. This is a system that generates growth, creates jobs and wealth, rewards initiative, and fosters innovation.
The degree to which society creates wealth, I think, is largely determined by government and financial systems.
From bank accounts to financial systems, power grids to air traffic controls - our most critical infrastructure remain attractive cyber targets, and if they are ever compromised, the effects could be devastating.
Today, if you look at financial systems around the globe, more than half the population of the world - out of six billion people, more than three billion - do not qualify to take out a loan from a bank. This is a shame.
That inefficiency is masked because growth and progress are measured in money, and money does not give us information about ecological systems, it only gives information about financial systems.
If bitcoin is more expensive or slower than traditional financial systems, people aren't going to use it.
This crisis exposed very significant problems in the financial systems of the United States and some other major economies. Innovation got too far out in front of the knowledge of risk.
In the financial system we have today, with less risk concentrated in banks, the probability of systemic financial crises may be lower than in traditional bank-centered financial systems.
Well-functioning financial systems are important in achieving sustained economic growth. They play a crucial role in channeling household savings into the corporate sector and allocating investment funds among firms.
