Director of Banknotes
Board of Governors of the Federal Reserve System
BiographyResponsible for ensuring that the Federal Reserve Board meets its statutory requirement as issuing authority for United States currency and educating global users about circulating designs, security features, and how to use them. Michael is also responsible for developing policy recommendations to achieve objectives for currency and coin, overseeing the Reserve Banks’ cash operations, and evaluating the Reserve Banks’ performance.
About the companyThe Board of Governors and the 12 Federal Reserve Banks collectively are the central bank of the United States and are known as the Federal Reserve System.
PresentationLearning from Mistakes: Using Lessons Learned to Transform Organizations and Build Sustainable and Repeatable Processes for Success
Improving security is the primary objective for designing a new family of notes, however, effective security feature integration across a consistently manufacturable family of notes, which enables intuitive authentication by the public, and is robust against counterfeiters, is the only way to protect the currency in an environment of expanding threats. The Federal Reserve discovered that the current family of notes was not broadly successful and that change was necessary at the Central Bank and the Bureau of Engraving and Printing. Recognizing problems, accepting responsibility, and identifying and implementing solutions were all necessary for future successes of new families of notes.