How the Fed Has Dropped the Ball on Faster Payments

In an American Banker op-ed George Selgin of the Cato Institute and Aaron Klein of the Brookings Institution write a scathing critique of the Federal Reserve’s approach to faster payments; they argue that the U.S. payments network seems like it belongs to a developing nation; whereas the UK implemented real time payments in 2007 the Fed spent the next decade doing virtually nothing; the delay in the time to process a check promotes inequality as millions of poor Americans have to resort to payday loans or incur overdraft fees while waiting for their deposits to clear; while FedNow will help when it is finally implemented in 2024 the Fed should be doing more in the near term. American Banker

  • Emily Donato

    With efforts in many different areas of the team, she helps manage, organize and execute digital and event content. She works with webinars, podcasts, social media along with managing the hundreds of speakers that attend our conferences. Emily was a part of the Zimmerman Advertising Program at the University of South Florida. She graduated in 2019 receiving a Bachelor of Science in Business Advertising.