Hester Peirce: The Financial System Faces Two Paths

Hester Peirce stated that society is currently at a crossroads. One path is to maintain the status quo, collecting more data, increasing oversight of intermediaries, and enhancing "know your customer" requirements, turning financial infrastructure into a panoramic prison; the other path is to leverage new technologies to enhance the ability to catch criminals while collecting less personal information, and to protect Americans' privacy with more prudent monitoring.

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