U.S. Lawmaker Questions Legality Of Fed's Real-Time Payments Proposal

A new real-time payment system being developed by the Federal Reserve Bank has garnered opposition from some members of the U.S. Congress who believe a payments system should be built and managed by financial institutions, not the federal government.

Senator Mike Rounds, a Republican from South Dakota, said the Federal Reserve’s announcement last month “has put a chill on The Clearing House’s effort” to develop its own real-time payments system.

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