#laelbrainard

What does it mean that Lael Brainard will head the National Economic Council? US President Joe Biden has chosen a new top economic advisor—and changed the makeup of the Federal Reserve in the process.Read more... https://qz.com/what-does-it-mean-that-lael-brainard-will-head-the-nati-1850112800

: 's speech on "The and "- We are committed to closing the gap between the transaction capabilities in the and the underlying payment and settlement capabilities. Recognizing that consumers and businesses across the country want and expect real-time payments, and the they trust should be able to provide this service securely, this summer, the Federal Reserve announced that it is building its first new payments rail in more than forty years—the Service. FedNow will facilitate end-to-end faster payment services, increase competition, and ensure equitable and ubiquitous access to banks of all sizes nationwide. Together, the 's and FedNow are moving the to real-time retail payments. These systems will enable consumers and businesses to settle transactions in real time, at any time, and allow them to manage their money with greater flexibility. RTP and FedNow should significantly increase the speed and efficiency of the U.S. payment system. Given the importance of safety in faster payments, providing access to more than one real-time payment service for back-up purposes will enhance resiliency. The Federal Reserve has always had a vital role in the payment system by providing liquidity and operational continuity in times of stress, and FedNow will extend this role into the real-time retail payments market. - federalreserve.gov