Money
US Department of Justice: Russian National Convicted of Charges Relating to Kelihos Botnet
A federal jury in Connecticut convicted a Russian national on Tuesday for operating a “crypting” service used to conceal “Kelihos” malware from antivirus software, enabling hackers to systematically infect victim computers around the world with malicious software, including ransomware. “By operating a website that was intended to hide malware from antivirus programs, Koshkin provided a critical service that enabled other cyber criminals to infect thousands of computers around the world,” said Acting U.S. Attorney Leonard C. Boyle for the District of Connecticut. “We will investigate and prosecute the individuals who aid and abet cyber criminals as vigorously as we do the ones who actually hit the ‘send’ button on viruses and other malicious software.” more »
Federal Reserve's Lael Brainard: Private Money and Central Bank Money as Payments Go Digital: an Update on CBDCs
"Technology is driving dramatic change in the US payments system, which is a vital infrastructure that touches everyone. The pandemic accelerated the migration to contactless transactions and highlighted the importance of access to safe, timely, and low-cost payments for all. With technology platforms introducing digital private money into the US payments system, and foreign authorities exploring the potential for central bank digital currencies (CBDCs) in cross-border payments, the Federal Reserve is stepping up its research and public engagement on CBDCs. more »
Congressional Policy Institute Weekly US Legislative Update, May 17, 2021: Education & Labor; Civil Rights, Education and Labor, Family Support, Expanding Opportunities and Protections for Women and Girls
Small Business and Entrepreneurship- On Wednesday, the Senate Small Business and Entrepreneurship Committee will hold a hearing, “Realizing the Vision of Parren Mitchell—Untapping the Potential of Minority and Women Contracting; “Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions.” Bringing women policymakers together across party lines to advance issues of importance to women and their families. “Paid Leave for Working Families: Examining Access, Options, and Impacts.” A bill to require mail-in ballots to use the United States Postal Service barcode service, to provide paid parental leave to officers and employees of the Postal Service. A bill to limit the amount that the portion of a taxpayer's tax refund attributable to the child tax credit and the earned income tax credit may be reduced by reason of student loan debt. A bill commitment to combating hate, bigotry, and violence against the Asian-American and Pacific Islander community. more »
Federal Reserve Chairman Chair Jerome H. Powell on Community Development: For Prime-age Adults Without a Bachelor's Degree, 20% Saw Layoffs in 2020 Versus 12 % for College-educated Workers
Chair Jerome H. Powell at the "2021 Just Economy Conference" sponsored by the National Community Reinvestment Coalition, Washington, D.C. (via webcast): "Together, over the past year, we have been making our way through a very difficult time. We are not out of the woods yet, but I am glad to say that we are now making real progress. While some countries are still suffering terribly in the grip of COVID-19, the economic outlook here in the United States has clearly brightened. Vaccination levels are rising. Fiscal and monetary policy are providing strong support. The economy is reopening, bringing stronger economic activity and job creation." more »