Speech

Modernizing Our Payments System; Fourth Annual Financial Literacy Day: Understanding Global Markets and Finance


Abstract: The Federal Reserve System plays an important role in helping to ensure that our payments system is efficient, secure, and effective. I recently became chair of the Financial Services Policy Committee (FSPC), which oversees the provision of payment services to depository institutions and the U.S. Treasury by the 12 Federal Reserve Banks. So as a follow-up to the discussion we just heard about new forms of payments, I thought it would be useful to provide you with an update on some of the Fed’s ongoing work to modernize the U.S. payments system, and then offer a policy maker’s perspectives on some payments innovations. Of course, the views I will present today are my own and not necessarily those of the Federal Reserve System or my colleagues on the Federal Open Market Committee.

Keywords: financial literacy; payments system;

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Provider: Federal Reserve Bank of Cleveland

Part of Series: Speech

Publication Date: 2020-02-14