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Malloy

Powell Testimony July 2019 - When asked about faster payment task force

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https://www.c-span.org/video/?c4806490/fed-failing-outdo-bitcoin-5-years

Quote

THE GENTLEWOMAN FROM MASSACHUSETTS IS NOW RECOGNIZED. >> THANK YOU. THANK YOU, CHAIRMAN POWELL BEFORE APPEARING BEFORE THE COMMITTEE. FEDERAL RESERVE CAN DO MORE TO SUPPORT THE NEEDS OF HARD WORKING AMERICAN FAMILIES. AS IT STANDS, WORKING FAMILIES WAIT TO HAVE THEIR CHECKS CLEAR. WHEN YOU ARE LIVING PAYCHECK TO PAYCHECK AND RENT IS DUE THERE CAN BE NO ROOM FOR ERROR. AS A CENTRAL BANK IN AMERICA, THE FEDERAL RESERVE HAS A RESPONSIBILITY TO SPEED UP THE PROCESS OF CLEARING PAYMENTS. I WANT TO BRING UP A REPORT THAT WAS ISSUED TWO YEARS AGO. THE FASTER PAYMENTS TASK FORCE. THEY CALLED FOR A STATEMENT SYSTEM IN THE UNITED STATES THAT IS FASTER, UBIQUITOUS, INCLUSIVE, SAFE, HIGHLY SECURE AND EFFICIENT BY 2020. MR. CHAIRMAN, 2020 IS LESS THAN SIX MONTHS AWAY. YES OR NO? 

 

Edited by Malloy

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