In the near term, federal aid is sitting on balance sheets ready to be deployed if some of the downside economic risks become reality, experts say.

A long-awaited report from the Federal Reserve is a historic step toward the possible development of a central bank digital currency. But the Fed emphasized it would not create one without a clear directive from Congress and the White House.

The budget proposal reflects the state’s improving financial position, due in part to aid from the federal government.

Glenn Youngkin outlined his administration's priorities in Virginia; West Virginia Gov. Jim Justice unveiled a slightly larger budget plan for fiscal 2023.

The Department of the Treasury’s warning letter to Arizona may be a warning to all states who defy the Biden Administration’s rules related to ARPA funding, but disclosure related to clawbacks could be a problem for muni issuers.

President Biden will nominate Sarah Bloom Raskin to be the Federal Reserve’s vice chair for Supervision and Lisa Cook and Philip Jefferson to be governors. The selections keep a Biden promise to improve diversity at the Fed.

Gov. Gavin Newsom listed homelessness, wildfire prevention, climate change and continuing efforts to reduce pension liabilities as budget priorities.

Federal Reserve Vice Chair Richard Clarida intends to resign from the board of governors on Jan. 14, two weeks before his term is due to expire.

Treasury’s final rule on the State and Local Coronavirus Fiscal Recovery Fund allows counties to use up to $10 million for general public services and expands the list of eligible water, sewer, and broadband infrastructure projects.

Central bankers need to speak up about economic barriers prompted by racism and the need for inclusion and diversity, Federal Reserve Bank of Atlanta President Raphael Bostic said, a response to critics who see the work as a distraction from the Fed’s main goals.