Deep Dive Episode 64 – The Federal Reserve and Real-Time Payment Systems

Regulatory Transparency Project Teleforum

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The Federal Reserve plays a central role in the nation’s payment systems. Reserve banks keep currency in circulation to meet demand, provide check collection services to banks, operate payment systems, and provide financial services to the United States government and foreign institutions.

The Federal Reserve is currently exploring ways to support faster payments in the U.S. The potential actions would facilitate real-time interbank settlement of faster payments. Proponents feel the actions may assist smaller banks and credit unions to service local communities, while detractors raise concerns about interoperability, the ability to exchange messages among different instant-payment systems, and other issues. This teleforum will address these topics and much more.


  • Aaron Klein, Fellow in Economic Studies and Policy Director, Center on Regulation and Markets, Brookings Institution
  • George Selgin, Senior Fellow and Director, Center for Monetary and Financial Alternatives, Cato Institute
  • [Moderator] J.W. Verret, Associate Professor of Law, Antonin Scalia Law School, George Mason University

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